Cost Management

M/s Arun and Varun undertook a contract for Rs 2,50,000 for constructing a college building. The following is the information concerning the contract during the year 1997:

Materials sent to site 85,349
Labour engaged on site 74,375
Plant installed at site at cost 15,000
Direct expenditure 3,167
Establishment charges 4,126
Materials returned to stores 549
Work certified 1,95,000
Value of plant as on 31st December 1997 11,000
Cost of work not yet certified 4,500
Materials at site 31st December 1997 1,883
Wages accrued 31st December 1997 2,400
Direct expenditure accrued 31st December 1997 240
Cash received from contractee 1,80,000

Prepare contract account, contractee’s account and show how the work-in-progress will appear in the Balance Sheet as on 31st December 1997

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