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7,000 The following are the summary of the entries in a contract ledger as on 31st December 1998 in respect of contract account: Materials bought
7,000 The following are the summary of the entries in a contract ledger as on 31st December 1998 in respect of contract account: Materials bought directly 45,000 Materials from Stores Wages Paid 18,000 Direct Expenses paid Establishment Charges 8,000 Plant Installed Scrap Sold 1,820 Cost of Sub-contract You are further supplied with the following information : (a) Accruals on 30.12.1998 are wages 900 and direct expenses 1,200. (b) Included in the above summary of entries are wages 1,000 and other expenses 1,500 since certifica- tion. The value of materials used since certification is 2,200. (c) Depreciation till 31.12.1998 on plant is 8,600. (d) Materials on hand on 31.12.98 is 10,000. (e) The total contract price is 1,00,000. 7,000 34,200 7,500 (1) 62,500 had been certified up to 31.12.1998 when th contract had been completed
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