A building contractor took a contract for the construction of a certain building on 1st January 1994. The contract price was agreed at Rs 4,00,000. The contractor had made the following expenditure during the year. From the following further particulars, prepare a contract account for the year. Also show the amount of work-in-progress, which will be shown in the balance sheet of the contractor
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Rs
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Value of plant on 31st December 1994
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30,000
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Stock of materials at the place of work on 31st December 1994
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5,000
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Materials returned to stores
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1,000
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Work certified by the architect
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75,000
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Cash received
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70,000
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Cost of work not yet certified
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4,000
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