: The following are the particulars relating to a contract which has begun on 1 January $ 5,00,000 Contract price Machinery Materials Wages Direct expenses Outstanding wages Uncertified work Overheads Materials returned Materials on hand 31 December 2011 Machinery on hand 31 December 2011 Value of work certified Cash received Prepare the Contract Account for the year 2011 showing the amount of profit that may be taken to the credit of Profit and Loss A/c of the year. Also show the amount of the work-in-progress as it would appear in the balance sheet of the year. 30,000 1,70,600 1,48,750 6,330 5,380 9,000 8,240 1,600 3,700 22,000 3,90,000 3,51,000