The following are the particulars relating to a contract, which was begun on 1st January 1994:
|
Rs |
Rs |
||
|
Contract price |
5,00,000 |
Overheads |
8,240 |
|
Machinery |
30,000 |
Materials returned |
16,000 |
|
Materials |
1,70,600 |
Materials on hand 31 12 1994 |
3,700 |
|
Wages |
1,48,750 |
Machinery on hand 31 12 1994 |
22,000 |
|
Direct expenses |
6,330 |
Value of work certified |
3,90,000 |
|
Outstanding wages |
5,380 |
Cash received |
3,51,000 |
|
Uncertified work |
9,000 |
Prepare the contract account for the year 1994 showing the amount of profit that may be taken to the credit of the profit and loss account of the year. Also show the amount of the work in progress, as it appears in the balance sheet of the year.