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Prepare contract account in mrs smitha ledger

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Reference no: EM132686880

Problem - Mrs. Smitha started work on a contract for P500,000 on 1.1. 2015. The following information relating to the contract is available.

Materials issued 160,000

Wages paid 101,200

Wages outstanding on 31.03.2015 37,520

New machines purchased and sent to site 148,000

Direct charges paid 7,500

Direct charges outstanding on 31.03.2015 600

Establishment charges apportioned to contract 6,400

On 31.03.2015 materials lying unused at site were valued at 21620. Machines are to be depreciated at 20% p.a. Value of work certified by 31.3.2015 was P350,000 while the cost of work done but not yet certified as on that date was P18,000. Mrs. Smitha had received a total sum of P280,000 from the contractor till 31.3.2015.

REQUIRED - Prepare contract account in Mrs. Smitha ledger.

Reference no: EM132686880

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