(Two or more contracts)

During 1997, Indian Contractors Limited undertook two contracts, the first on 1st July 1997 and the second on 30th September 1997. On 31st December when accounts were made up, their position was as follows:

Contract I, Rs Contract II, Rs Contract price 2,70,000 3,00,000 Expenditure:

Materials 58,000 20,000 Wages 1,12,400 14,000 General expenses 2,800 1,000 Plant installed 16,000 12,000 Materials on hand 4,000 2,000 Wages accrued 3,600 1,600 General expenses accrued 400 200 Work certified 1,60,000 36,000 Cash received 1,20,000 27,000 Work uncertified 8,000 2,000 The plant was installed on the dates of the contracts and depreciation is to be provided at 10% p.a.

Prepare contract accounts in columnar from and show the extracts in the balance sheet of the company relating to the two contracts.