Contract Account - Accounting for Plant Used in a Contract

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Deepankar Engineers undertook a contract of building construction which commenced on 1/4/2017. The following details are available for the year ending
3113/2018.
You are required to prepare :
(a) Contract Account for the year ending 31/3/2018, and
(b) Balance-sheet extract as on that date.

Particulars	(Rs.)	Particulars	(Rs.)
Contract price	3,50,000	Direct Wages Paid	40,000
Work certified	1,7,500	Material Returned From site	2,500
Cash received	1,20,000	Plant hire charges	17,500
Materials issued to site	42,000	Indirect Wages	5,000
Planning and Estimating Cost	10,000	Site Office Costs	6,780
Direct Expenses	9,020	Head Office Exps. apportioned	3,750
Work not Certified	1,490

The contractor's own plant, original cost Rs. 20,000, has been continuously in use for this contract throughout the year. The residual value of the plant after 5 years of life is expected to be Rs. 5,000. Straight line method of depreciation is in use. As on 31/03/2018, outstanding wages amounted to Rs. 27,000 and material at site was estimated at Rs. 20,000.