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Q.5. Ambuja Construction took over a contract on 1+2019 for Rs 400.000 Followingdetails areavailable up to 31-3-2020Material issued to site from store60.00025.000Material purchased for this ContractPlant issued40.000Loose tools issued7.000Wages paid58.0002.000Outstanding wagesPlant returned to store on 1 - October 201995.000Plant lost by fire on Dec 31, 201910.000Cash received on 31-3-2020 being 90% of work certified2.25 000Cost of work uncertified15.000Material issued to another contract from this contract6.000Loose tools valued on 31-3-20203.000Unused matenal at Site on 31-1-20205.000You are required to prepare Contract account for the year ending 31-3-2020 and a Balance Sheet as onthat date assuming depreciation to be charge a 12% pa |
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Answer» Answer: 2019 for Rs 400.000 Following details are available up to 31-3-2020 Material issued to SITE from store 60.000 25.000 Material PURCHASED for this Contract Plant issued 40.000 Loose tools issued 7.000 Wages paid 58.000 2.000 Outstanding wages Plant returned to store on 1 - October 20199 5.000 Plant lost by fire on Dec 31, 2019 10.000 Cash RECEIVED on 31-3-2020 being 90% of work certified 2.25 000 Cost of work uncertified 15.000 Material issued to ANOTHER contract from this contract 6.000 Loose tools valued on 31-3-2020 3.000 Unused matenal at Site on 31-1-2020 5.000 You are required to prepare Contract account for the year ending 31-3-2020 and a Balance SHEET as on that date assuming depreciation to be charge a 12% pa |
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