Bharat construction company undertook the construction of a bullding at a contractprice of Rs.4,00,00,000. The contract price will be realised in instalments on the basis ofthe value of work certified subject to retention of 10 %. The date of commencement ofcontract was 1st May 2013.The following cost information is given for the period ended 31st March 2014.:• Direct material sent to the site - 5000 tons @ Rs. 3000 per ton• Indirect Materlal Rs. 13,00,000• Direct labour - 12,000 Mandays @ 360 per mandayIndirect labour is charged to the contract @ 7.5% of direct labourSubcontract charges is charged to the contract @ 15% of Indirect Material,• Direct materials returned to stores 20 tons.• Direct materials lost in an accident 5 tons.Supervision charges paid Rs. 16,000 per monthAdministrative overheads incurred Rs. 24,000 per month.• Architect fees charged at 2% of work certified.Plant and machinery costing Rs. 30,00,000 installed at site on the date ofcommencement of contract, which is to be depreclated @ 12 % p.a. under originalcost method.•Cash recelved from contractee Rs. 2,52,00,000.• Direct Material at site as on 31st March 2014 -15 tons• Cost of Work done but not certifled was Rs. 4,09,000 on 31st March 2014.You are required to prepare a Contract Account for the period ended 315t March 2014showing the amount to be transferred to profit & loss account.

Work certified = Cash received*100/90 Work certified < 90% of contract price, So portion of…

Answered: You are required to prepare a Contract…

You are required to prepare a Contract Account for the perlod ended 31st March 2014 showing the amount to be transferred to profit & loss account.

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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