Ashok Builders undertook several large contracts and their ledger therefore, contained a separate account for each contract. On June 30th 1994, the account of contract number 75 showed the following amounts as expended thereon:

Rs Materials directly purchased 90,000 Materials issued from stores 25,000 Plant purchased 80,000 Wages 1,22,000 Direct expenses 12,000 Proportionate establishment charges 27,000 3,56,000 The contract was for Rs 7,50,000 and up to 30th June 1994 Rs 2,90,000 had been received in cash which represented 80% of work certified by the architect. The materials on site unconsumed were valued at Rs 7,500. The depreciation on plant worked out to Rs 8,000.

Prepare the contract account showing what profit therein had been carried to date. Also state what amount should, in your opinion, be taken to profit and loss account of the period.