15. M/s Ankur Bros, took a contract for 5,00,000 on 1st April, 2014 and incurred the following expenses thereon upto 31st March, 2015: Materials purchased 60,000 Materials issued from store 40,000 Plant sent to site 30,000 Wages 65,000 Wages outstanding 10,000 Office expenses 5,000 Cash received upto 31st March, 2015 amounted to 2,20,000 being 80% of work certified. Materials valued 10,000 and plant costing 5.000 were destroyed by fire in godown. On 31st March, 2015 Plant costing 5,000 returned to store and materials in hand and site was 5,000. During the year materials costing 2,000

was sold for 1,000. The cost of work uncertified was 15,000. Charge 10% depreciation on plant. Reserve 1/3 of profit earned for contingencies. Prepare the Contract A/c from the above particulars and show the work-in-progress for Balance Sheet. Ans. Total Profit 1,24,500; Profit to P & L A/c 66,400; Reserve for Contingency 41,500; General Reserve 16,600; Work-in-Progress 2,31,900.

3. 1 , 2014 5,00,000 31 , 2015 M/s Ankur Bros, took a contract for 5,00,000on I st A pril. 2014 and incurred the following expenses thereon upto 31 st March. 2015 : (Materials purchased) (Materials issued from store) (Plant sent to sitc) (Wages) (Wages outstanding) (Office expenses) 60,000 40,000 30,000 65,000 10,000 5,000 31 , 2015 2,20,000 80% 10,000 5,000 31 , 2015 5,000 ( ) 5,000 2,000 1,000 15.000 10% (Dep.) 1/3 Cash received upto 31 st March. 2015 amounted to 2,20,000 being 80% of work certified. Materials valued 10,000 and plant costing 5.000 were destroyed by fire in godown. On 31 st March, 2015 Plant costing 5,000 returned to store and materials in hand and site was 5,000. During the year materials costing 2,000 was sold for 1,000. The cost of work uncertified was 15,000. Charge 10% depreciation on plant. Reserve 1/3 of profit earned for contingencies. Prepare the Contract A/c from the above particulars and show the work-in-progress for Balance Sheet. Ans. Total Profit 1,24,500; Profit to P \& L A/c 66,400; Reserve for Contingency 41,500; General Reserve 16,600; Work-in-Progress 2,31,900