21. , 2015 . 555 : A firm of Builders carrying out large contracts keeps separate account for each contract in its contract ledger. On 31st March. 2015, following informations are given in respect of Contract No. 555 : (Materials Purchased) (Materials issued from stores) (Plant which has been used on other contracts) \( 1,20,000 \) (Additional Plant) 20,000 (Wages) 25,000 (Direct Expenses) 8,000 (Proportionate Establishment charges) \( 1,47,000 \) \( 2,40,000 \) 20,000 - . 555 31 , 2015 ,

The contract which had commenced on 1st November, 2014 was for \( 6,00,000 \) and the money certified by the architect, after deduction of \( 20 \% \) retention money was \( 2,40,000 \). The materials on site were \( 20,000 \). A contract plant ledger was also kept in which monthly entries relating to deprecation were entered, the amount of depreciation debited in respect of contract No. 555 upto 31 st March, 2015 was 2,500. Prepare an account showing profit on contract.

2015 . 555 . A firm of Builders carrying out large contracts keeps separate account for each contract in its contract ledger. 0n 31st March, 2015. following informations are given in respect of Contract No. 555 : (Materials Purchased) (Materials issued from stores) (Plantwhichhasbeenusedonothercontracts)25,0008,00020,000 (Additional Plant) 1,47,000 (Wages) (Direct Expenses) 5,000 (Proportionate Establishment charges) 18,000 1 , 2014 , 6,00,000 20% 2,40,000 20,000 , - . 555 31 , 2015 2,500 ? The contract which had commenced on 1st November, 2014 was for 6,00,000 and the money certified by the architect, after deduction of 20% retention money was 2,40,000. The materials on site were 20,000. A contract plant ledger was also kept in which monthly entries relating to deprecation were entered, the amount of depreciation debited in respect of contract No. 555 upto 31 st March, 2015 was 2,500. Prepare an account showing profit on contract