India Cost accounting

Feb 2, 2024
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A firm of building contractors began to trade on 1st April, 2018 the following was the expenditure on a contract for 3,00,000.

Material consumed 46,200, Material lost 2,500, Material at site as on 31-3-19 2,300, plant purchased 15,000, Wages incurred 81,000, other expenses incurred 5.000, plant lost 3,000, plant returned to store on 31-3-19, 2,000, cost of work done but uncertified 1,000

Cash received on account to 31st March, 2019 amounted to 1,28,000 being 80% of the work certified charge 15% depreciation on plant and reserve 1/3 of profit received for contingencies. Prepare a contract account from the above particulars.

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