TK Constructions undertook the construction of Bridge on 01/04/2021.The contract was to be completed in 2 years. The contract price was estimated at Rs.150 Crores. Upto 31/03/2021 the company incurred...

TK Constructions undertook the construction of Bridge on 01/04/2021.The contract was to be completed in 2 years. The contract price was estimated at Rs.150 Crores. Upto 31/03/2021 the company incurred Rs.120 Crores on the construction. The engineers involve in the project estimated that a further Rs.45 Crores would be incurred for completing work. What amount should be charged to revenue for the year 2020-21 as per the provisions of Accounting Standard -7 Construction Contracts? Show the extract of the Profit & Loss A/c in the books of TK Constructions.