Liabilities Assets 12,000 45,000 Wages outstanding Direct charges Outstanding P&L A/C: Profit transferred from Contract Alc 7,200 Stocks of material at site Plant at site 2,100 Work-in-Progress: Work certified 16,50,000 Work uncertified 35.000 1,30,700 16,85,000 Less: Reserve 98.600 15,86,400 Less: Cash received 14.10.750 1.75.650 Illustration 7 Three Contracts A, B and C, commenced on 1st January, 1st July and 1st October, 2013 respectively, were undertaken by the Bharat Contractors and their accounts on 31st December, 2013 showed the following position: Contract A Contract B Contract 8,00,000 5,40,000 6,00,000 a45 Contract price Expenditure: Raw materials Wages paid General charges Plant installed Materials in hand Wages accrued Work certified Work finished but not certified Cash received in respect of work certified 1,44,000 2,20,000 8,000 40,000 8,000 8,000 4,00.000 12,000 3,00,000 1,16,000 2,24.800 5,600 32,000 8,000 8,000 3.20.000 16,000 2,40,000 40,000 28,000 2,000 24,000 4,000 3,600 72,000 4,200 54,000 The plant was installed on the date of commencement of each contract; depreciation is to be taken at 10 percent per annum. Prepare the Contract Accounts in tabular form and show how they would appear in the Balance Sheet as on 31st December, 2013