The following are the details relating to the contract for the year ended 31st December 1998
|
Rs |
|
|
Contact price |
3,00,000 |
|
Material issued |
60,000 |
|
Wages |
80,000 |
|
Overheads |
5,000 |
|
Plant installed at the site |
10,000 |
|
Material in hand as on 31 12 98 |
5,000 |
|
Work certified |
2,00,000 |
|
Cash received |
1,60,000 |
|
Depreciate plan at 10% p.a. |
|
|
Work done but not certified |
5,000 |
repare contract account and show the profit to be taken to profit and loss account.