A building contractor took a contract for the construction of a certain building on 1st January 1994. The contract price was agreed at Rs 4,00,000. The contractor had made the following expenditure during the year. From the following further particulars, prepare a contract account for the year. Also show the amount of work in progress, which will be shown in the balance sheet of the contractor
|
Rs |
|
|
Value of plant on 31st December 1994 |
30,000 |
|
Stock of materials at the place of work on 31st December 1994 |
5,000 |
|
Materials returned to stores |
1,000 |
|
Work certified by the architect |
75,000 |
|
Cash received |
70,000 |
|
Cost of work not yet certified |
4,000 |