The following was the expenditure on a contract for Rs 12,00,000 commenced in January. Rs Materials 2,40,000
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The following was the expenditure on a contract for Rs 12,00,000 commenced in January.
Rs Materials 2,40,000 Wages 3,28,000 Plant 40,000 Overheads 17,200 Cash received on account of the contract up to 31st December was Rs 4,80,000 being 80% of the work certified. The value of materials in hand was Rs 20,000. The plant had undergone 20% depreciation.
Prepare contact account
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