(Solution) - At 31 October 20X0 Lytax Ltd was engaged in various -(2025 Original AI-Free Solution)

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At 31 October 20X0, Lytax Ltd was engaged in various contracts including five long-term contracts, details of which are given below:

It is not expected that any customers will default on their payments.
Up to 31 October 20X9, the following amounts have been included in the revenue and cost of sales figures:



It is the accounting policy of Lytax Ltd to arrive at contract revenue by adjusting contract cost of sales (including foreseeable losses) by the amount of contract profit or loss to be regarded as recognised, separately for each contract.

Required:
Show how these items will appear in the statement of financial position of Lytax Ltd with all appropriate notes. Show all workings in tabularform.