ILLUSTRATION 32 From the following information, prepare contract account in tabular form and show how these figures appear in the balance sheet as on 31st December, 2018: CONTRACT Particulars A B Commencement 01-01-2018 01-07-2018 01-10-2018 $ $ $ Contract Price 80,000 54,000 60,000 Raw material 14,400 11,600 4,000 Wages 22,000 22,400 2,800 General charges 800 560 200 Plant installed 4,000 3,200 2,400 Materials on hand 800 800 400 Wages accrued 800 800 360 Work certified 40,000 32,000 7,200 Cash received in respect of work certified 30,000 24,000 5,400 Work finished but not certified 1,200 1,600 420 Depreciation is to be charged on the plant @ 10% which was installed on the opening date of the contract in each case