16. The total value of a contract is 24,00,000 and the position for the year 2015 in which the contract work started was as under : Materials Wages Overhead expenses 4,00,000 2,00,000 60,000 3,00,000 1,50,0000 Plant Direct charges The plant is to be depreciated by 10%. 12,00,000 have been received being 80% of the work certified. At the end of the year the work done and not certified was estimated at 75,000 and materials lying on site was valued at 30,000. Prepare the contract account for the year, determining the profit which you consider should be credited to the profit and loss account. [C.U., B.Com. (Hons.)]