Hindusthan Construction Ltd. has obtained a contract for construction of a bridge. The value of the con- tract was agreed at 12,00,000. The work commenced on 1st October 2000. The following details are shown in their books for the year ended on 30th September 2001 : 3,40,000 8,000 2,800 Plant Purchased 60,000 Wages Paid Material issued to Site 3,36,000 Direct Expenses Office Overheads apportioned 32,000 Wages Outstanding as on 30.9.2001 Materials at site as on 30.9.2001 4,000 Direct Expenses outstanding as on 30.9.2001 1,200 Work not yet certified at cost 14,000 Cash received, being 80% of work certified 6,00,000 Life of the plant purchased5 years Scrap value Nil Prepare Contract Account for the year ended on 30th September 2001