Problem 10 A company of builders took to a multi-storied structure for $40,00,000 estimating the cost to be $36,80,000. At the end of the year, the company had received $14,40,000 being 90% of the work certified; work done but not certified was 140,000. Following expenditure were incurred. $ Materials 4,00,000 Labour 10,00,000 Plant 80,000 Materials costing $20,000 were damaged. Plant is considered as having depreciated at 25%. Prepare Contract Account and show all the possible figures that can reasonably be credited to Profit and Loss Account