Accountancy, asked by KhushithKkar5638, 7 months ago

System of progress payment in contract costing

Answers

Answered by jalshasinghsardar
1

Answer:

So here is your answer

Explanation:

statement give the meaning and its relevance.

Also prepare a contract account from the following information, and show how much part

of profit will be transferred to costing P&L account.

Contract price Rs.18,00,000

Labour cost on site Rs.420,000

Materials direct to site Rs.325,000

Materials from the stores Rs.78,000

Hire and Use of Plant Rs.10,200

Direct Expenses Rs.13,300

General Overhead allocated Rs.37,000

Material at hand on 30th June, 2020 Rs.6,100

Wages Accrued on 30th June 2020 Rs.6,800

Direct expenses accrued on 30th June, 2020 Rs.1,400

Work not yet certified at cost Rs.18,500

Work Certified by Engineer Rs.10,00,000

Cash Received 80%

Hope this may help you a lot

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