00,000 Illustration 9 The following details are available from the books of accounts of a...
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00,000 Illustration 9 The following details are available from the books of accounts of a contractor with respect to a particular construction work for the year ended 31st March, 2019: $ $ Contract Price 91,00,000 Material returned to Store 14,840 Cash received from Contractee Head Office Expenses apportioned 2,50,000 (90% of Work Certified) 71,91,000 Cost of Work Uncertified 3,17,000 Material sent to site 35,82,600 On 31st March, 2019 : Planning and Estimation Cost 3,50,000 Material at site 85,400 Direct Wages paid 32,62,700 Accrued Direct Wages 78,120 Cost of Plant installed at site 7,00,000 Accrued Direct Expenses 9,310 Direct Expenses 1,68,000 Value of Plant (as revalued) 6,16,000 Establishment Expenses 2,03,000 Required : (i) Prepare the Contract Account for the year ended 31st March, 2019. (ii) Show the relevant Balance Sheet entries
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