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Balance sheet of the contractor

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A building contractor took a contract for the construction of a certain building on 1st January 1994. The contract price was agreed at Rs 4,00,000. The contractor had made the following expenditure during the year. From the following further particulars, prepare a contract account for the year. Also show the amount of work-in-progress, which will be shown in the balance sheet of the contractor

Rs

Value of plant on 31st December 1994

30,000

Stock of materials at the place of work on 31st December 1994

5,000

Materials returned to stores

1,000

Work certified by the architect

75,000

Cash received

70,000

Cost of work not yet certified

4,000

 

Reference no: EM13330995

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