Two contracts that commenced on 1st January and 1st July 1994, respectively, were undertaken by a contractor and his accounts on 31st December 1994 showed the following position

	Contract I	Contract II
	Rs	Rs
Contract price	4,00,000	2,70,000
Expenditure
Materials	72,000	58,000
Wages paid	1,10,000	1,12,400
General charges	4,000	2,800
Plant installed	20,000	16,000
Materials on hand	4,000	4,000
Wages accrued	4,000	4,000
Work certified	2,00,000	1,60,000
Work done but not certified (at cost)	6,000	8,000
Cash received in respect there of	1,50,000	1,20,000

The plants were installed on the date of commencement of each contract; depreciation thereon is to be taken at 10% p.a.

Prepare the contract's account in the tabular form and ascertain the profit or loss to be taken to profit and loss account.