M/s Arun and Varun undertook a contract for Rs 2,50,000 for constructing a college building. The following

Question:

M/s Arun and Varun undertook a contract for Rs 2,50,000 for constructing a college building. The following is the information concerning the contract during the year 1997:

Rs Materials sent to site 85,349 Labour engaged on site 74,375 Plant installed at site at cost 15,000 Direct expenditure 3,167 Establishment charges 4,126 Materials returned to stores 549 Work certified 1,95,000 Value of plant as on 31st December 1997 11,000 Cost of work not yet certified 4,500 Materials at site 31st December 1997 1,883 Wages accrued 31st December 1997 2,400 Direct expenditure accrued 31st December 1997 240 Cash received from contractee 1,80,000 Prepare contract account, contractee’s account and show how the work-in-progress will appear in the Balance Sheet as on 31st December 1997.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Answer rating: 100% (QA)

Answered By

Asim farooq

I have done MS finance and expertise in the field of Accounting, finance, cost accounting, security analysis and portfolio management and management, MS office is at my fingertips, I want my client to take advantage of my practical knowledge. I have been mentoring my client on a freelancer website from last two years, Currently I am working in Telecom company as a financial analyst and before that working as an accountant with Pepsi for one year. I also join a nonprofit organization as a finance assistant to my job duties are making payment to client after tax calculation, I have started my professional career from teaching I was teaching to a master's level student for two years in the evening. My Expert Service Financial accounting, Financial management, Cost accounting, Human resource management, Business communication and report writing. Financial accounting : • Journal entries • Financial statements including balance sheet, Profit & Loss account, Cash flow statement • Adjustment entries • Ratio analysis • Accounting concepts • Single entry accounting • Double entry accounting • Bills of exchange • Bank reconciliation statements Cost accounting : • Budgeting • Job order costing • Process costing • Cost of goods sold Financial management : • Capital budgeting • Net Present Value (NPV) • Internal Rate of Return (IRR) • Payback period • Discounted cash flows • Financial analysis • Capital assets pricing model • Simple interest, Compound interest & annuities

4.40+ 65+ Reviews 86+ Question Solved

Related Book For book-img-for-question