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|
|Materials returned to stores||549|
|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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