Mr X and Mr Y undertook a contract for Rs. 5,00,000 for construction of a building. The following is the information concerning the contract during the year 2009:
|
Materials sent to site |
1,70,698 |
|
Labour engaged on site |
1,48,750 |
|
Plant installed at site at cost |
30,000 |
|
Direct expenditure |
6,334 |
|
Establishment charges |
8,252 |
|
Materials returned to store |
1,098 |
|
Work certified |
3,90,000 |
|
Value of plant as on 31 December 2009 |
22,000 |
|
Cost of work not yet certified |
9,000 |
|
Materials at site – 31 December 2009 |
3,766 |
|
Wage accrued on 31 December 2009 |
4,800 |
|
Direct expenditure accrued on 31 December 2009 |
480 |
|
Cash received from contractee |
3,60,000 |
Prepare contract account, contractee’s account and show the balance sheet as on 31 December 2009.