From the following particulars in respect of a particular contract for the year ended on 31st December 2001, prepare contract account: Wages Paid Materials Sent to Site 1,90,000 Wages Outstanding 5,500 Direct Expenses Establishment Charges 52,000 Special Plant Installed at Cost Cost of Work not certified 25,000 Value of Special Plant as on 31.12.2001 Material at Site as on 31.12.2001 21,000 Cash Received Total Contract Price 12,00,000 Sale of Scrap Retention - 10% of work certified General plant costing * 1,20,000 was used for 3 months, depreciation on that is to be provided at 15% per 1,20,000 60,000 2,00,000 1,70,000 5,94,000 2,000 annum