For the following data of a project, calculate the payment received by the contractor at different time periods. Also prepare

(a) the month-wise running account bill,

(b) the cash inflow diagram for the contractor, and

(c) the cash outflow diagram for the owner.

• Value of contract: ` 10,000,000 (one crore rupees)

• Time period: 4 months

• Payment schedule: First month 15% of the contract value, 2nd month 40% (cumulative), 3rd month 80% (cumulative) and 4th month 100% (cumulative)

• The owner makes an advance payment of ` 5 lakh, which is to be recovered in 4 equal instalments

• The owner also supplies materials to the value of about ` 3.2 lakh, which value is also to be recovered equally from each running account bill

• In addition, the owner will recover from the payments made to the contractor 2% of the value of the work done as income tax deducted at source, and deposit this amount with the Reserve Bank of India