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The following is the summary of the entries in the contract ledger as on 31 12-2017 in respect of contract No. 999. Particulars Materials (Direct) Materials from stores Wages Rs. Particulars Rs. 30,000 Establishment Charges 6,500 Plant 17,210 Sale of scrap 8,000 34,200 1,820

The following is the summary of the entries in the contract ledger as on 31 12-2017 in respect of contract No. 999. Particulars Materials (Direct) Materials from stores Wages Rs. Particulars Rs. 30,000 Establishment Charges 6,500 Plant 17,210 Sale of scrap 8,000 34,200 1,820

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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6,710 Sub contract cost You are required to prepare contract A/c of No.999 entrusted the following Direct Expenses 7,210 information. a) Outstanding Expenses on 31-12-2017 are wages Rs.800, direct expenses Rs.1,120. b) Depreciation on plant up to 31-12-2017 is Rs.8,550 c) Included in the above summary of entries are wages Rs.1,000 and other expenses Rs.1,500. Since certification Uncertified the value of materials used Rs.2,080. d) Materials on site (Closing) on 31-12-2017 Rs.10,000. e) Rs.62,500 had been certified up to 28-12-2017. When 3/8 of the contract remained in completed. f) The total contract price is Rs.1.00.000
Transcribed Image Text:6,710 Sub contract cost You are required to prepare contract A/c of No.999 entrusted the following Direct Expenses 7,210 information. a) Outstanding Expenses on 31-12-2017 are wages Rs.800, direct expenses Rs.1,120. b) Depreciation on plant up to 31-12-2017 is Rs.8,550 c) Included in the above summary of entries are wages Rs.1,000 and other expenses Rs.1,500. Since certification Uncertified the value of materials used Rs.2,080. d) Materials on site (Closing) on 31-12-2017 Rs.10,000. e) Rs.62,500 had been certified up to 28-12-2017. When 3/8 of the contract remained in completed. f) The total contract price is Rs.1.00.000
The following is the summary of the entries in the contract ledger as on 31- 12-2017 in respect of contract No. 999. 0 Particulars Materials (Direct) Materials from stores Wages x Rs. 30,000 Establishment Charges 6,500 Plant 17,210 Sale of scrap Particulars Rs. 8,000 34,200 1,820
Transcribed Image Text:The following is the summary of the entries in the contract ledger as on 31- 12-2017 in respect of contract No. 999. 0 Particulars Materials (Direct) Materials from stores Wages x Rs. 30,000 Establishment Charges 6,500 Plant 17,210 Sale of scrap Particulars Rs. 8,000 34,200 1,820
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