The Following information relates to contract #102,which was undertaken for the construction of a railway bridge for the Kampton Council.The Value of the contract is $250000 and it is at a stage where profits can be attributed to it.Details of the contract are shown in the books:

$

Materials sent to site 85349

Labour engaged on site 74375

Plant installed at cost 15000

Direct expenditure 4136

General Overhead Charges 3167

Materials returned to store 549

Work certified 195000

Cost of Work not certified 4500

Materials on hand,December 31 1883

Wages accrued on December 31 2400

Direct Expenditure 240

Value of Plant December 31 11000

Cash has been received from the contractee,amounting to $180000

Required: (i)contract Account

(ii) profit and loss account

(iii)contractee accounts