(Two or more Contracts)

Three contracts X, Y and Z commenced on 1st January, 1st July and 1st October 1998, respectively, were undertaken by the Sampath Contractors Limited, and their accounts on 31st December showed the following position:

X Rs Y Rs Z Rs Contract price 8,00,000 5,40,000 6,00,000 Expenditure:

Raw materials 1,44,000 1,16,000 40,000 Wages paid 2,20,000 2,24,800 28,000 General charges 8,000 5,600 2,000 Plant installed 40,000 32,000 24,000 Materials in hand 8,000 8,000 4,000 Wages accrued 8,000 8,000 3,600 Work certified 4,00,000 3,20,000 72,000 Work finished but not certified 12,000 16,000 4,200 Cash received in respect of work certified 3,00,000 2,40,000 54,000 The plant was installed on the date of commencement of each contract; depreciation is to be taken at 10% p.a.
Prepare the contract accounts in tabular from and show how they would appear in the balance sheet as on 31st December 1998.