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Prepare a contract account

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Question - A firm of building contractors undertook a contract for INR 350000. The Following particulars are furnished for the year ended 31st December, 2020: Materials: Wages for Labour 40,000 Direct Purchased 30,000

General Plant in use:

Issued from Stores 10,000

Direct Expenses 2,500

WDV 90000 dep thereon 10000

Subcontract Charges 6,000 Share of General Overhead 2000 Materials as on 31.12.2020 2,000

Material Lost by Fire 500 o/s Wages on 31.12.2020 6,000

Direct Expenses Accrued on 31.12.2020 1000

Cash Received (90% of work certified) 1,62,000

Cost of uncertified work 5,000

Prepare a contract account.

Reference no: EM133063423

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