Accounting

The following costs relate to a contract which commenced on 1st January 2001 : Materials issued to contract 85,349 Wages Paid Plant Installed (at cost) 15,000 Direct Expenses Establishment Charges 4,126 Materials Returned to store Work Certified 1,95,000 Cost of Work not certified Materials in Hand on 31st Dec. 2001 1,883 Wages Accrued due at 31st Dec. 2001 Direct Expenses accrued due Value of Plant at 31st Dec. 2001 at 31st December 2001 240 Contract Price agreed at 2,50,000 Cash received from contractee Prepare : (1) Contract Account; and (2) Contractee's Account. 74,375 3,169 549 4,500 2,400 11,000 1,80,000