Question:
The following is the information relating to Contract No. 115.
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Contract price
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12,00,000
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Wages
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3,28,000
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General expenses
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17,200
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Raw materials
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2,40,000
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Plant
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40,000
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As on date, the cash received was Rs. 4,80,000 being 80%of work certified. The value of materials remaining at site was Rs. 20,000. Depreciate plant by 10%. Prepare contract account showing profit to be credited to P&L A/c.