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Prepare contract account for the year ending

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Reference no: EM132611356

Problem 1: Ambuja Construction took over a contract on 1-4-2019 for Rs 4,00,000. Following details are available up to 31-3-2020. Material issued to site from store 60,000 Material purchased for this Contract 25,000 Plant issued 40,000 Loose tools issued 7,000 Wages paid 58,000 Outstanding wages 2,000 Plant returned to store on 1st October, 20199 5,000 Plant lost by fire on Dec. 31st, 2019 10,000 Cash received on 31-3-2020 being 90% of work certified 2,25,000 Cost of work uncertified 15,000 Material issued to another contract from this contract 6,000 Loose tools valued on 31-3-2020 3,000 Unused material at Site on 31-3-2020 5,000 You are required to prepare Contract account for the year ending 31-3-2020 and a Balance Sheet as on that date assuming depreciation to be charge @ 12% p.a.

Reference no: EM132611356

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