Question

aabha construction co started the work on contract on 54th on 1st July 2018 the position of contract on 31st December 2019 was as follows material issue plant issue wages indirect expenses the value of work certified for 100000 of which 75% had been receive the cost of work uncertified was rupees 3000 and contract price was 31st December 2019 plant and material at site were value at rupees 5000 and 1500 respectively prepare contract number 54 account and ascertain the amount of profit which can reasonably be credited to the profit and loss account
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Answer 1

Answer:

aabha construction co started the work on contract on 54th on 1st July 2018 the position of contract on 31st December 2019 was as follows material issue plant issue wages indirect expenses the value of work certified for 100000 of which 75% had been receive the cost of work uncertified was rupees 3000 and contract price was 31st December 2019 plant and material at site were value at rupees 5000 and 1500 respectively prepare contract number 54 account and ascertain the amount of profit which can reasonably be credited to the profit and loss account