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the amount certified by the engineer up to 31 december 2009 was rs 15 00 000 retenti 619657

The following information was related to a construction company:

The construction started on 1 January 2009: Expenditure incurred during the year 2009:

Rs

Materials issued

5,50,000

Wages

2,00,000

Direct expenses

1,00,000

Plant purchased on 1 January 2009

5,00,000

Materials in hand

25,000

Depreciate the plant @ 10%p.a. Other works expenses to be charged @ 20%of wages and office expenses @ 10%of work cost.

The amount certified by the engineer up to 31 December 2009 was Rs. 15,00,000, retention money being 20%of certified value. Prepare a contract account showing there in the amount of profit or loss to be transferred to P&L A/c.

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