A Construction Company undertook a contract for the construction of a building. The contract price was Rs.2,50,000 and the contract was commenced on 1st April, 2022. The following expenses were incurred during the year: Particulars Material purchased Materials issued from stores Materials received from other contracts Wages paid Indirect expenses Plant & Machine Materials returned to stores Materials returned to other contracts Materials lost by fire Plants & machine stolen Materials on site (31 March, 2023) Plants on site (31 March, 2023) Outstanding wages (31 March, 2023) Other outstanding charges (31 March, 2023) Rs. 40,000 55,000 12,500 45,000 12,500 50,000 2,500 3,500 1,750 5,000 2,000 4,000 2,500 1,250
A Construction Company undertook a contract for the construction of a building. The contract price was Rs.2,50,000 and the contract was commenced on 1st April, 2022. The following expenses were incurred during the year: Particulars Material purchased Materials issued from stores Materials received from other contracts Wages paid Indirect expenses Plant & Machine Materials returned to stores Materials returned to other contracts Materials lost by fire Plants & machine stolen Materials on site (31 March, 2023) Plants on site (31 March, 2023) Outstanding wages (31 March, 2023) Other outstanding charges (31 March, 2023) Rs. 40,000 55,000 12,500 45,000 12,500 50,000 2,500 3,500 1,750 5,000 2,000 4,000 2,500 1,250
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:A Construction Company undertook a contract for the construction of a building. The contract price was Rs.2,50,000 and
the contract was commenced on 1st April, 2022. The following expenses were incurred during the year:
Particulars
Material purchased
Materials issued from stores
Materials received from other contracts
Wages paid
Indirect expenses
Plant & Machine
Materials returned to stores
Materials returned to other contracts
Materials lost by fire
Plants & machine stolen
Materials on site (31 March, 2023)
Plants on site (31 March, 2023)
Outstanding wages (31 March, 2023)
Other outstanding charges (31 March, 2023)
Show Transcribed Text
Rs.
40,000
55,000
12,500
45,000
12,500
50,000
2,500
3,500
1,750
5,000
2,000
4,000
2,500
1,250
The contract was completed on 31 March 2023 and the contract price was duly received. You are required to prepare
contract account and contractee account from the above information.
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