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The following particulars are available in respect of a contract as on 31st March, 2008 : Contract Price 5,00,000 Total Cost of Contract upto date

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The following particulars are available in respect of a contract as on 31st March, 2008 : Contract Price 5,00,000 Total Cost of Contract upto date 2,87,500 Cost of Uncertified Work 12,500 Cash Received 2,65,625 Retention Money @ 15% Compute the amount of Profit that may be credited to Profit and Loss Account and the value of Work-in- Progress

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