Question

A firm of building contractors begin to trade on 1st April, 1988. The following was the expenditure on the contract for Rs. 4,00,000:
Rs. Rs.
Materials issued to contract 50,000 Plant used for contract 20,000
Wages 71,000 Other expenses 10,000
Cash received on account to 31st March, 1989, amounted to Rs. 1,44,000. The work certified was of Rs. 1,80,000. Of the plant and materials charged to the contract, plant which cost Rs. 4,000 and materials which cost Rs. 3,000 were lost. On 31st March, 1989 plant which cost Rs. 3,000 was returned to stores. The cost work done but uncertified was Rs. 1,500 and materials costing Rs. 2,500 were in hand on site. Charge 15% depreciation on plant, and take to the profit and loss account 2/3 of the profit received.​

Answer 1

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