The Sturdy Construction Company Limited has undertaken the construction of flyover. The value of the contract is Rs. 12,50,000 subject to a retention Of 20% until one year after the certified completion of the contract, and final approval of the corporation's engineer. The following are the details as shown in the books 31st March 2021 Labour on site Rs. 4,05,000 Material direct to site less returns Rs. 4,20,000 Material received from stores Rs. 81,200 Hire and use of plant - plant upkeep account Rs. 12,100 Direct expenses Rs. 23,000 General overheads allocated to the contract Rs. 37,100 Material in 'and on 31st March 2021 Rs. 6,300 Wages accrued/outstanding on 31st March 2021 Rs. 7,800 Direct expenses accrued/outstanding on 31st March 2021 Rs. 1,600 Work not y:t certified by the Corporation Engineer Rs. 16,500 Amount certified by the Corporation Engineer Rs. 11,00,000 Cash received on account Rs. 8,80,000 Prepare (a) Contract account; (b) how the relevant items would appear in the Balance Sheet. 10