On 1st April, 2006 Contractors Ltd. started work on contract No. A-84 for the construction of a barrage for a contract price of 1,80,00,000. Budgeted cost of the contract was *1,50,00,000. The particulars with regard to the contract for the year ended on 31st March 2007, were as follows: 75,000 60,00,000 90,000 Materials issued to the contract 30,00,000 Materials returned to stores Materials in hand 1,80,000 Wages Plant installed at cost 5,00,000 Direct expenses (to be depreciated @ 20 per cent) Cost of completed work yet Office overhead (allocated to the contract) 75,000 to be certified Upto the close of the period, a total sum of 786,40,000 being 90 per cent of the certified amount was received. Prepare the Contract Account showing the profit or loss on the contract during the period. 6,00,000