A firm of building contractors began to trade on 1st April 2017 following was the expenditure on the contract price ₹300000.material issued ₹51000,plant used ₹15000,wages ₹81000, other expenses ₹5000,cash received on account to 31st March 2018 amounted to ₹128000 being 80% of work certified of the plant and material charged to the contract, plant which cost ₹3000 and material which cost ₹2500 where losed on 31st March 2018,plant which cost ₹2000 was returned to store the cost of work done uncertified was ₹1000 and material costing ₹2300 where in hand on site. charge 15% depreciation on plant. prepare contract account?
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Answer:a form of building contractors began to trade on 1s April 2018. Following was the expenditure on the contractor for 3.00.000.
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