A contractor prepares his accounts for the year ending 315 December each year. He commenced a contract on 1st April 2019. The following information relates to the contract as on 31st December 2019. Materials Issued Labor charges Salary to Foreman 2,51,000 5,65,600 81,300 A machine costing 2,60,000 has been on the site for 146 days, its working life is estimated at 7 years and its final scrap value at 15,000. A supervisor who is paid 8,000 p.m. has devoted one-half of his time to this contract. All other expenses and administration charges amount to 01,36,500. Material in hand at site costs 35,400 on 31st December 2019. The contract price is 120,00,000. On 31 st December 2019 two-third of the contract was completed. The architect issued certificates covering 50% of the contract price, and the contractor has been paind 7,50,000 on account. Prepare a contract account and show how much profit or loss to be attributed to the financial accounts to 31st December 2019