The following particulars relate to a contract undertaken by Ajit Engineers:

	Rs
Materials sent to site	85,349
Labour engaged on site	74,375
Plant installed at site	15,000
Direct expenditure	3,167
Establishment charges	4,126
Materials returned to stores	549
Work certified	1,95,000
Cost of work not certified	4,500
Materials in hand at the end of year	1,883
Wages accrued at the end of year	2,400
Direct expenses accrued at the end of year	240
Value of plant at the end of year	11,000
The contract price agreed	2,50,000
Cash received from contract	1,80,000

You are required to prepare the contract account showing profit, contractee's account and show suitable entries in the balance sheet of the contractor.

Please do not copy from Chegg. Otherwise i have to report the answer.