A firm of large contractors kept separate accounts for each contract. On 31.12.1992 the following were shown as being the expenditure in connection with contract number 101:
|
Rs |
|
|
Materials issued from stores |
48,925 |
|
Materials purchased |
2,90,315 |
|
Wages |
3,68,170 |
|
Direct expenses |
10,130 |
|
Establishment charges |
43,600 |
|
Plant which had been used on other contracts |
62,615 |
|
Additional plant purchased |
18,050 |
The contract which had commenced on 1 7 1992 was for Rs 15,00,000 and the amount certified by the architect, after deduction of 20% retention money was Rs 6,04,000, the work being certified till 31 12 1992. The materials on site on that date were valued at Rs 49,290. The depreciation on plant in respect of this contract till 31 12 1992 was Rs 5,650.
Prepare a contract account, showing the profit on the contract up to 31 12 1992.