A building contractor took a contract for the construction of a certain building on 1st January 1994.

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A building contractor took a contract for the construction of a certain building on 1st January 1994. The contract price was agreed at Rs 4,00,000. The contractor had made the following expenditure during the year.

Rs Rs Direct materials purchased 20,000 Plant 40,000 Direct materials issued from stores 5,000 Indirect expenses 10,000 Direct labour 15,000 From the following further particulars, prepare a contract account for the year. Also show the amount of work-in-progress, which will be shown in the balance sheet of the contractor.

Rs Value of plant on 31st December 1994 30,000 Stock of materials at the place of work on 31st December 1994 5,000 Materials returned to stores 1,000 Work certified by the architect 75,000 Cash received 70,000 Cost of work not yet certified 4,000

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