Reference no: EM13686895

The following figures are disclosed by the books of a contractor for the year ending 31st December 2013:- The amounts in $

Work in progress on 31st Dec., 2012 170,000

Advances received from contractee on 31st Dec. 2012  110,000

Transaction during the year were as follows- Materials supplied to contract directly by merchants  12,000; Materials issued from stores  21,000; Wages  17,000; Working expenses  3,000; Administrative expenses (of which  500 are chargeable to general profit & Loss Account)  2,500, Plant issued 5,000; Material returned from contracts directly to merchants  900; Materials returned to stores  1,100; Contracts finished  45,000; Work certified  30,000; Profit taken upon contracts  23,000; Advances from contractee's  80,000.

Prepare contract ledger account and the Contractee's A/c and show how the Work-in-progress would appear in the Balance Sheet as on 31st Dec., 2013?