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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![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.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F274923e8-840d-4ab5-b226-21921c090757%2Fb201f876-617a-4eb0-b96f-893cdf82d282%2Fxsy1mzl_processed.jpeg&w=3840&q=75)
Transcribed Image Text: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.
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