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(b) The following is the information relating to Contract No. 123.Contract priceRs. 6,00,000WagesRs. 1,64,000General expenses Rs. 8,600Raw materials Rs. 1,20,000PlantRs. 20,000As on date, cash received was Rs. 2,40,000 being 80% o Jof workcertified. The value of materials remaining at siteRs. 10,000. Depreciate plant by 10%. Prepare contract accountshowing profit to be credited to P & L account.was |
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