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  3. the following information relates to a contract fo

The following information relates to a contract for Rs 7,50,000 (the contractee paying 90% of...

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Accounting

The following information relates to a contract for Rs 7,50,000 (the contractee paying 90% of the value of work done and certified by the Architect and rest on completion of the contract) of Murugan Construction Company.

1996
Rs

1997
Rs

1998 Rs

Materials

90000

1,10,000

63,000

Wages

85,000

1,15,000

85,000

Direct expenses

3,500

12,500

4,500

Indirect expenses

1,500

2,000

-

Work certified

1,75,000

5,65,000

7,50000

Work uncertified

-

10,000

-

Plant

10000

-

-

The value of plant at the end of 1996, 1997 and 1998 was Rs 8,000, Rs 5,000 and Rs 2,000 respectively.

Prepare contract account for the three years in the books of Murugan Construction Company.

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