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A firm of contractors undertook three contracts on 1 st April 2013, 1 st Oct. 2013 & 1 st Jan. 2014, On 31 st March 2014, when their accounts were made up, the position was as follows:- I II III Rs. Rs. Rs. Contract Price 8,00,000 2,50,000 2,50,000 Materials 1,44,000 58,000 20,000 Wages Paid 2,20,000 1,12,400 14,000 Direct Expenses Paid 10,400 3,600 1,400 Plant 40,000 16,000 12,000 Materials at Site at the end 8,000 4,000 2,000 Wages Outstanding 6,800 3,600 1,600 Work Certified 50% 64% 14.40% Cash Received 75% 75% 75% Work Uncertified 12,000 8,000 2,100 Direct Expenses Prepaid 1,200 400 200 The plants were installed on the respective dates of the contract and depreciation is to be provided at 10% p.a. Prepare Contract Account.

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A firm of contractors undertook three contracts on 1st April 2013, 1st Oct. 2013 & 1st Jan. 2014, On 31st March 2014, when their accounts were made up, the position was as follows:-IIIIII

Rs.Rs.Rs.

Contract Price8,00,0002,50,0002,50,000

Materials1,44,00058,00020,000

Wages Paid2,20,0001,12,40014,000

Direct Expenses Paid10,4003,6001,400

Plant40,00016,00012,000

Materials at Site at the end8,0004,0002,000

Wages Outstanding6,8003,6001,600

Work Certified50%64%14.40%

Cash Received75%75%75%

Work Uncertified12,0008,0002,100

Direct Expenses Prepaid1,200400200

The plants were installed on the respective dates of the contract and depreciation is to be provided at 10% p.a. Prepare Contract Account.


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