Prepare columnar contract accounts for Bayes Construction Ltd who at present have two contracts in progress.

The following details were extracted at 31st December.

Head office charges of £22,500 are charged to contracts in proportion to their prime costs. The plant was installed at the commencement of the contracts and depreciation is calculated at 20% per annum. Both contracts have been estimated to give an overall profit on completion.

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Contract No. Commencement date Contract price Expenditure: Materials Wages Y282 Z650 1st January 1st July 275,000 350,000 12,680 19,280 48,643 37,218 Site expenses 6,500 8,620 Plant purchases 150,000 65,000 Materials on site 31st December 2,100 6,400 Accrued wages 4,217 2,242 Value of work certified 110,000 85,000 Cash received on work certified 93,500 63,750 Work completed but not certified 3,500 2,200