The contract ledger of a company indicates the under mentioned expenditures on the Account of Contract "A" to 31d December 2003. Prepare Contract Account and Contractee Account. Materials Use your arid no as amount 6 digits 174361 Plant Rs. 40,000 Wages Rs. 128,000 Establishments expenses Rs. 12,000 The contract began in January 2003; the contract price being Rs. 800,000. Cash received on account to date Rs. 480,000 which is 80% of the work certified; and the remainder is to be paid as to 10% on the completion and the balance six months after completion. The material on hand Rs. 20,000 and work not certified as Rs. 20,000.

The contract ledger of a company indicates the under mentioned expenditures on the Account of Contract "A" to 31d December 2003. Prepare Contract Account and Contractee Account. Materials Use your arid no as amount 6 digits 174361 Plant Rs. 40,000 Wages Rs. 128,000 Establishments expenses Rs. 12,000 The contract began in January 2003; the contract price being Rs. 800,000. Cash received on account to date Rs. 480,000 which is 80% of the work certified; and the remainder is to be paid as to 10% on the completion and the balance six months after completion. The material on hand Rs. 20,000 and work not certified as Rs. 20,000.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter17: Advanced Issues In Revenue Recognition

Section: Chapter Questions

Problem 9MC

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