Question

3. A company of contractors began to trade on 1st Jan. 2020. During 2020 the company was
engaged on only one contract of which the contract price was Rs 5,00,000. Of the plant and
materials charged to contract, plant costing Rs 5,000 and material costing Rs 4,000 were lost
in an accident. On 31 st Dec. 2020, plant costing Rs 5,000 was returned to the stores. Cost of
work uncertified, but finished was Rs 2.000 and materials costing Rs 4,000 were in hand on
site. Cash received (80% of Work certified) Rs. 2,00,000, Land and building Rs.43,000.
Expenses charged to contract account Materials Rs. 90,000; Plant Rs. 25,000; Wages Rs.
1,40,000, Expenses Rs.7,000. Charge 10% depreciation on plant and compile Contract
Account?
(12 Marks)
CONG​

Answer 1

Answer:

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