(b) The following is the information relating to Contract No. 123.
Contract price
Rs. 6,00,000
Wages
Rs. 1,64,000
General expenses Rs. 8,600
Raw materials Rs. 1,20,000
Plant
Rs. 20,000
As on date, cash received was Rs. 2,40,000 being 80% o Jof work
certified. The value of materials remaining at site
Rs. 10,000. Depreciate plant by 10%. Prepare contract account
showing profit to be credited to P & L account.
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Answers
Explanation:
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Answer:
) The following is the information relating to Contract No. 123.
Contract price
Rs. 6,00,000
Wages
Rs. 1,64,000
General expenses Rs. 8,600
Raw materials Rs. 1,20,000
Plant
Rs. 20,000
As on date, cash received was Rs. 2,40,000 being 80% o Jof work
certified. The value of materials remaining at site
Rs. 10,000. Depreciate plant by 10%. Prepare contract account
showing profit to be credited to P & L account.
Explanation:
) The following is the information relating to Contract No. 123.
Contract price
Rs. 6,00,000
Wages
Rs. 1,64,000
General expenses Rs. 8,600
Raw materials Rs. 1,20,000
Plant
Rs. 20,000
As on date, cash received was Rs. 2,40,000 being 80% o Jof work
certified. The value of materials remaining at site
Rs. 10,000. Depreciate plant by 10%. Prepare contract account
showing profit to be credited to P & L account.