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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​

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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