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:

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