From the following data relating to a contract, extract from the books of a company as on 31 3 1994, prepare contract accounts also compute the profit and the value of preparing final accounts.
|
Rs |
|
|
Materials issued for work |
90,000 |
|
Wages paid to the worker at site |
50,000 |
|
Plant issued to site |
75,000 |
|
Salary of supervisory staff at site |
5,500 |
|
Work certified for payment |
1,76,000 |
|
Work not certified |
9,000 |
|
Amount received on work certified |
1,58,400 |
You are further informed that:
- The work on the contract commenced on 1 10 1993.
- The wages of the workers for a week and the salary of the supervisory staff for a month were due at the end of the period Rs 3,100.
- The company writes off depreciation at 10% p.a. on its plants; and
- The value of materials at site on 31 3 1994 was Rs 4,200.