The following is the summary of transactions as on 31 December 2009, relating to a special contract completed during the year:
|
Materials purchased |
7,500 |
|
Materials issued from stores |
2,500 |
|
Wages |
12,200 |
|
Direct expenses |
1,470 |
|
Work on cost |
25% of direct wages |
|
Office on cost |
10% of prime cost |
|
Contract price |
Rs. 30,000 |
You are required to prepare a contract account keeping in view that material returned amounted to Rs. 1,200.