The following is summary of the entries in a contract ledger as on 31ˢᵗ Chaitra 2080. Rs. Material purchase 60,000 Material from store 10,000 Direct…
BBS Cost and Management Accounting · 2081 · Solved Question with Answer
The following is summary of the entries in a contract ledger as on 31ˢᵗ Chaitra 2080.
| Rs. | |
| Material purchase | 60,000 |
| Material from store | 10,000 |
| Direct labour | 15,000 |
| Other expenses | 12,000 |
| Plant | 60,000 |
| Scrap sold | 4,000 |
The additional information are as follows: i. The cost of work uncertified included material Rs. 5,000 and other expenses Rs. 3,000 ii. Material lost by theft Rs. 1,000 iii. Plant costing Rs. 8,000 sold for Rs. 7,000 iv. Depreciation on plant at @ 15% p.a. v. Material at site Rs. 2,000 vi. Cash received from contract Rs. 120,000 being 80% of work certified vii. Contract price Rs. 200,000.
Required:
Contract Account
Contractee's Account
Work in progress Account
Balance Sheet