Gajanan Construction, Mumbai took a Contract No. 51 for the construction of a school building on 1st January, 2017. The contract price is fixed at Rs. 15,00,000; subject to a retention of 20% of work certified. The following are the details of expenditure made by contractor on this contract during the year :
|Direct labour charges||4,05,000|
|Material issued from stores||4,20,000|
|Materials directly purchased||81,200|
|Plant installed at site on 30th June, 2017||60,000|
|Direct expenses (inclusive of Direct Expenses due but not paid Rs. 3,000)||23,000|
|Materials transferred to Contract No. 55||6,300|
|Material transferred from Contract No. 55||1,600|
Depreciation on plant is provided @ 40% p.a. on the original cost.
(A) Contract Alc
(B) Contractee A/c
(C) Extracts of Balance Sheet as on 31st December, 2017.
The following information is relating to a building contract of Rs. 50,00,000. The contractee has a reed to a 90% of the work certified in cash.
|Value of lant on 31st Dec.||1,80,000||1,60,000||1,30,000|
Prepare Contract A/c for the year 201 7, 2018, and 2019.