The financial statements of Stevenson Ltd are made up to 31 March in each year. Work on Contract 29 started on 1 July 2012 and completed on 31 January 2014. The total contract price was $£ 720,000$, but a penalty of $£ 10,000$ was suffered for failure to complete by 31 December 2013 .

The following is a summary of receipts and payments relating to the contract:

\begin{tabular}{lrr}

& Year to 31 March \\

Payments & 2013 & 2014 \\

Materials & 102,000 & 134,000 \\

Wages & 114,000 & 182,000 \\

Direct expenses & 8,000 & 12,000 \\

Purchases of plant on 1 July 2012 & 48,000 \\

Receipts & 216,000 & \\

Contract price (less penalty) & - & 1210,000 \\

Sale, on 31 January 2014, of all plant purchased on 1 July 2012 & -000

\end{tabular}

The amount received from the customer in 2013 represented the contract price of all work certified in that financial year less $10 \%$ retention money.
When the financial statements to 31 March 2013 were prepared, it was estimated that the contract would be completed on 31 December 2013, and that the market value of the plant would be $£ 12,000$ on that date. It was estimated that further expenditure on the contract would be $£ 322,000$.
For the purposes of the financial statements, depreciation of plant is calculated, in the case of uncompleted contracts, by reference to the expected market value of the plant on the date when the contract is expected to be completed, and is allocated between accounting periods by the straight line method.
Credit is taken, in the financial statements, for such a part of the estimated total profit, on each uncompleted contract, as corresponds to the proportion between the contract price of the work certified and the total contract price.
\section*{Required:}
Prepare a summary of the account for Contract 29, showing the amounts transferred to profit and loss at 31 March 2013 and 31 March 2014.