A Construction Company undertook a contract for the construction of a building. The contract price was Rs.2,50,000 and the contract was commenced on 1st April, 2022. The following expenses were incurred during the year:

The contract was completed on 31 March 2023 and the contract price was duly received. You are required to prepare contract account and contractee account from the above information.

\begin{tabular}{|l|r|} \hline Particulars & Rs. \\ \hline Material purchased & 40,000 \\ \hline Materials issued from stores & 55,000 \\ \hline Materials received from other contracts & 12,500 \\ \hline Wages paid & 45,000 \\ \hline Indirect expenses & 12,500 \\ \hline Plant \& Machine & 50,000 \\ \hline Materials returned to stores & 2,500 \\ \hline Materials returned to other contracts & 3,500 \\ \hline Materials lost by fire & 1,750 \\ \hline Plants \& machine stolen & 5,000 \\ \hline Materials on site (31 March, 2023) & 2,000 \\ \hline Plants on site (31 March, 2023) & 4,000 \\ \hline Outstanding wages (31 March, 2023) & 2,500 \\ \hline Other outstanding charges (31 March, 2023) & 1,250 \\ \hline \end{tabular}