Senthil Construction Company undertook a contract for constructing a building from 1st January 1998. The contract price was Rs 1,00,000. He incurred the following expenses.

Rs

Materials issued

6,000

Materials in hand, at the end

1,000

Wages

5,000

Direct expenses

20,000

Plant purchased

10,000

The contract was completed on 30th June 1998 and the contract price was duly received. Provide depreciation at 20% p.a. on plant and charge indirect expenses at 20% on wages. Prepare contract account in the books of the company.