The following was the expenditure on a contract for Rs 6,00,000 commenced in January, 1997:

	Rs
Material	1,20,000
Wages	1,64,400
Plant	20,000
Business charges	9,000

Cash received on account to 31st December 1997 amounted to Rs 2,60,000 being 80% of work certified; the value of materials in hand on 31-12-1997 was Rs 25,000. Prepare the contract account for 1997 showing the profit to be credited to the year's profit and loss account. Plant is to be depreciated at 10%.