Q 3: ABC Ltd., took a contract in 2018 for construction of a contract for Rs. 500,000 estimation that the cost would be Rs. 460,000. At the end of the 2018, the company had received Rs. 180,000 being 90% of the work certified. Certain work not yet certified had cost of Rs. 5,000. Expenditures incurred was: Material = Rs. 25,000, Labour = 150,000 and Plant = Rs. 10,000 Material costing Rs. 2,500 was damaged and had to be disposed of for Rs. 500. Plant I considered as having depreciated by 25%. Required: Prepare Contract Account and relevant Ledgers Accounts. Show your calculation of the profit to be credited to P & L Account