Practice questions:
Prepare a contract account for Bradford-on-Avon Building Ltd based on the following information as at 31 December 1998:
Contract 267
Commencement date 1 January 1997
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£
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Contact price
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550,000
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Materials delivered to site
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42,220
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Wages
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68,880
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Site expenses
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16,250
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Value of plant on 1 January
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250,000
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Materials on site at 31 December
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3,850
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Work certified
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210,000
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Cost of work completed but uncertified
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10,500
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Estimated costs of completion
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286,250
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Plant is depreciated at 20% per annum
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