The follwoing is the summary of the entries in a Contract ledger as on the 3 1
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Question:
The follwoing is the summary of the entries in a Contract ledger as on the st December in respect of Contract No:
Materials bought directly Rs
Materials from stores Rs
Establishment charges Rs
Plant Rs
Wages Rs
Direct expenses Rs
Scrap sold Rs
Further information is as follows:
The amount that accrued on st December were wages Rs and direct expenses Rs
The cost of the work uncertified included materials Rs wages Rs and expenses Rs
Rs worth of plant was sold for Rs; and Rs worth of materials were destroyed by the fire.
Rs worth of plant was sold for Rs and materials costing Rs were sold for Rs
Depreciation till st Decembr on plant was Rs
Materials at site were valued at Rs
Cash receivede from the contractee was Rs being of the work certified.
Contract price was Rs
Show the Contract account and workinprogress account. Show the same in the Balance Sheet.
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
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