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(80% of the work Certified) "Vork uncertified Prepare necessary A/c and show relevant entries in the Balance Sheet 50,000

(80% of the work Certified) "Vork uncertified Prepare necessary A/c and show relevant entries in the Balance Sheet 50,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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(80% of the work Certified) Work uncertified 50,000 Prepare necessary A/c and show relevant entries in the Balance Sheet.
Transcribed Image Text:(80% of the work Certified) Work uncertified 50,000 Prepare necessary A/c and show relevant entries in the Balance Sheet.
X' under took a contract for the construction of a building on 1-1-2017. The contract price being Rs.12,00,000. The following details are available for the year 2017. Particulars Rs. Particulars Rs. Material Purchased Materials supplied from stores 10,000 Materials in hand on 31-12-17 2,000 Labour engaged on site Plant on site Direct Expenses Partition Establishment Charges 5,000 Cash Received from the Contract 2,00,000 80,000 Materials return to stores 5,000 30,000 Plant in hand on 31-12-17 40,000 Direct Expenses Accrued 20,000000 30,000 8,000 isM
Transcribed Image Text:X' under took a contract for the construction of a building on 1-1-2017. The contract price being Rs.12,00,000. The following details are available for the year 2017. Particulars Rs. Particulars Rs. Material Purchased Materials supplied from stores 10,000 Materials in hand on 31-12-17 2,000 Labour engaged on site Plant on site Direct Expenses Partition Establishment Charges 5,000 Cash Received from the Contract 2,00,000 80,000 Materials return to stores 5,000 30,000 Plant in hand on 31-12-17 40,000 Direct Expenses Accrued 20,000000 30,000 8,000 isM
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