For upvotes you have give correct answer otherwise I will give downvotes X Under took a Contract for constructing a building from Y. on 1-1-2017.The Contract price being Rs.1,00,000. He incurred the following expenses:Rs.ParticularsRs.Particulars5,000 Materials in hand5,000 Direct Expenses 20,00010,000Materials consumed1,000WagesPlant purchasedThe contract was completed on 30-6-2017 and the contract price was dulyreceived. Provide depreciation at 10% on plant and charge indirect Expenses 20%on wages. Prepare necessary A/cs in the books of 'X'.

Contractee Account : Contractee's Account is a personal account of the contractee. This account is…

X Under took a Contract for constructing a building from Y. on 1-1-2017, The Contract price being Rs.1,00,000. He incurred the following expenses: Rs. 1,000 20,000 Particulars Rs. Particulars 5,000 Materials in hand 5,000 Direct Expenses Materials consumed Wages Plant purchased 10,000 The contract was completed on 30-6-2017 and the contract price was duly received. Provide depreciation at 10% on plant and charge indirect Expenses 20% on wages. Prepare necessary A/cs in the books of 'X'.

X Under took a Contract for constructing a building from Y. on 1-1-2017, The Contract price being Rs.1,00,000. He incurred the following expenses: Rs. 1,000 20,000 Particulars Rs. Particulars 5,000 Materials in hand 5,000 Direct Expenses Materials consumed Wages Plant purchased 10,000 The contract was completed on 30-6-2017 and the contract price was duly received. Provide depreciation at 10% on plant and charge indirect Expenses 20% on wages. Prepare necessary A/cs in the books of 'X'.

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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