Question

Union Construction Ltd. got a contract in January 2019 for construction of a building. The

contract price was ₹10,00,000. The company incurred the following costs up to

31.12.2019.

₹

Material Issued 2,20,000

Wages Paid 80,000

Direct Expenses 40,000

Material in hand 10,000

Plant purchased on 30.6.2019 2,00,000

Cost of uncertified work 4,000

Depreciation to be charged on plant @ 15% per annum.

Other work expenses to be charged @ 30% of wages and office expenses @ 10% of works

cost.

The amount certified by the engineer up to 31.12.2019 was ₹6,00,000 and retention

money being 20% of the certified value.

Prepare Contract Account showing therein the amount of profit or loss to be transferred

to costing profit and loss account​

Answer 1

Answer:

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