12.000 45,000 Liabilities Wages outstanding Direct charges Outstanding P&L A/C: Profit transferred from Contract Alc Balance Sheet as on 31st March, 2014 * Assets 7,200 Stocks of material at site Piant at site 2,100 Work in Progress: Work certified 16,50,000 Work uncertified 35.000 1,30,700 16,85,000 Lass: Reserve 98.600 15,86,400 Less: Cash received 14.10.750 1.75.650 116 Illustration 7 Three Contracts A, B and C, commenced on 1st January, 1st July and 1st October, 2013 respectively, were undertaken by the Bharat Contractors and their accounts on 31st December 2013 showed the following position: Contract A Contract B Contract C Contract price 8,00.000 5,40.000 6,00.000 Expenditure: Raw materials 1,44,000 1.16,000 40.000 Wages paid 2,20,000 224,800 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 percent per annum Prepare the Contract Accounts in tabular form and show how they would appear in the Balance Sheet as on 31st December, 2013