Solution-Prepare contract account and contractee account

Prepare contract account and contractee account

Assignment Help Cost Accounting

Reference no: EM133021550

Question - The following particulars relate to a contract account:

Materials sent to site 95,500

Labour 84,200

Direct expenses 4,165

Establishment charges 3,152

Materials returned to store 542

Plant 15,000

Work certified 1,95,000

Work not certified 4,500

Materials in hand at the end 1,890

Wages accrued 2,400

Direct expenses accrued 240

Value of plant at the end 11,000

Contract price 2,50,000

Cash received 1,80,000

Required - Prepare contract account, contractee's account and show how relevant items will appear in the Balance sheet.

Reference no: EM133021550

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Prepare contract account and contractee account

Reference no: EM133021550

Reference no: EM133021550

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