A firm of building contractors undertook a contract for INR 350000. The Following particulars are furnished for the year ended 31st December, 2020:

Materials: Direct Purchased 30,000 Issued from Stores 10,000 Direct Expenses 2,500 Subcontract Charges 6,000 Materials as on 31.12.2020 2,000 o/s Wages on 31.12.2020 6,000 Cash Received 1,62,000 (90% of work certified)

Wages for Labour 40,000 General Plant in use: WDV 90,000 dep thereon 10,000 Share of General Overhead 2,000 Material Lost by Fire 500 Direct Expenses Accrued on 31.12.2020 1,000 Cost of uncertified work 5,000