Solution-Balance sheet of the contractor

Balance sheet of the contractor

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Reference no: EM13330995

A building contractor took a contract for the construction of a certain building on 1st January 1994. The contract price was agreed at Rs 4,00,000. The contractor had made the following expenditure during the year. From the following further particulars, prepare a contract account for the year. Also show the amount of work-in-progress, which will be shown in the balance sheet of the contractor

	Rs
Value of plant on 31st December 1994	30,000
Stock of materials at the place of work on 31st December 1994	5,000
Materials returned to stores	1,000
Work certified by the architect	75,000
Cash received	70,000
Cost of work not yet certified	4,000

Reference no: EM13330995

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Balance sheet of the contractor

Reference no: EM13330995

Reference no: EM13330995

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