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CONTRACT ASSETS, NET
6 Months Ended
Dec. 31, 2019
CONTRACT ASSETS, NET  
CONTRACT ASSETS, NET

NOTE 10. CONTRACT ASSETS, NET

Contract assets, net consisted of the following:

 

 

 

 

 

 

 

 

 

 

 

    

June 30,

    

December 31,

    

December

 

 

2019

 

2019

 

31, 2019

Third Party

 

RMB

 

RMB

 

 

U.S. Dollars

Contract assets

 

¥

4,796,153

 

¥

14,748,134

 

$

2,116,552

Impairment of contract assets

 

 

(162,213)

 

 

(143,237)

 

 

(20,556)

Total contract assets, net

 

¥

4,633,940

 

¥

14,604,897

 

$

2,095,996

 

Net recovery of impairment of contract asset was ¥229,000 and ¥18,976 ($2,723) for the six months ended December 31, 2018 and 2019, respectively.

 

Movement of impairment of contract assets is as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

June 30,

 

December 31,

 

December 31,

 

 

2019

 

2019

 

2019

 

 

RMB

 

RMB

 

U.S. Dollars

Beginning balance

 

¥

395,604

 

¥

162,213

 

$

23,279

Reversal of expense

 

 

(233,391)

 

 

(18,976)

 

 

(2,723)

Ending balance

 

¥

162,213

 

¥

143,237

 

$

20,556