Prepare a contract account for bradford on avon building ltd

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Practice questions:

Prepare a contract account for Bradford-on-Avon Building Ltd based on the following information as at 31 December 1998:

Contract 267
Commencement date 1 January 1997

 

£

Contact price

550,000

Materials delivered to site

42,220

Wages

68,880

Site expenses

16,250

Value of plant on 1 January

250,000

Materials on site at 31 December

3,850

Work certified

210,000

Cost of work completed but uncertified

10,500

Estimated costs of completion

286,250

Plant is depreciated at 20% per annum

Reference no: EM131201807

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