QUESTION THREE [30] JJ Construction Limited has taken two contracts on 1st March 2020. The position of contracts as on 28 February 2021 was as follows: Particulars Contract 1 Contract 2 Contract price R2 700 000 R6 000 000 Materials R580 000 R1 080 000 Wages paid R1 124 000 R1 650 000 Other expenses R28 000 R60 000 Plant at sites (cost) R160 000 R300 000 Unused material at site R40 000 R60 000 Wage payable R36 000 R54 000 Other expenses due R4 000 R9 000 Work certified R1 600 000 R3 000 000 Cash received R1 200 000 R2 250 000 Work completed but not yet R80 000 R90 000 certified The plant at site is to be depreciated at 10%. Required: Prepare the contract account in respect of each contract showing the notional profit and the profit to be transferred to P&L a/c