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Prepare the contract account

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Reference no: EM131137631

The following are the expenses on a contract which commences on 1st Jan. 2003

Materials purchased          $ 100,000

Materials on hand             $ 5,000

Direct wages                    $ 150,000

Plant issued                     $ 50, 000

Direct expenses               $ 80, 000

The contract price was $1,500,000 and the same was duly received when the contract was completed in August 2003.

Required: Charge indirect expenses at 15% on wages. Provide kshs. 10000 for depreciation on plant and prepare the contract account.

Reference no: EM131137631

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