XY Constructions Ltd is building an extension to a college operated by the Education Authority. Work on the college extension commenced on 1 April 19_1 and after one year, on 31 March 19_2, the data shown below were available.

You are required to:

(a) prepare the account for the contract for the year ended 31 March 19_2;

(b) show in relation to the contract an extract from the balance sheet as at 31 March 19_2.

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During the year: 000 Plant sent to site 100 Direct materials received at site 460 Direct wages incurred 350 Direct expenses incurred 45 Hire of tower crane 40 Indirect labour costs Supervision salaries Surveyors fees Service costs 70 42 8 18 Hire of scaffolding 20 Overhead incurred on site Head office expenses apportioned to contract Cash received from the Education Authority At 31 March 19_2 Value of plant on site Work certified, valued at 60 70 1000 75 1250 Cost of work not certified 250 Wages accrued Service costs accrued Materials unused on site 30 2 40 40