Joseph Company of builders undertook a multi-storeyed structure for $. 40,00,000, estimating the cost to be $. 36,80,000

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Joseph Company of builders undertook a multi-storeyed structure for $. 40,00,000, estimating the cost to be $. 36,80,000

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Joseph Company Of Builders Undertook A Multi Storeyed Structure For 40 00 000 Estimating The Cost To Be 36 80 000 1
Joseph Company Of Builders Undertook A Multi Storeyed Structure For 40 00 000 Estimating The Cost To Be 36 80 000 1 (34.73 KiB) Viewed 11 times
Joseph Company of builders undertook a multi-storeyed structure for $. 40,00,000, estimating the cost to be $. 36,80,000. At the end of the year the Company had received $. 14.40,000, being 90% of the work certified. Work done but not certified was $. 40,000. The following expenditure was incurred: Materials-$. 4,00,000; Labour-$. 10,00,000; Plant-$. 80.000. Material costing $. 20,000 was damaged. The plant is considered as having depreciated at 25%. Prepare the Contract Account and show all the possible figures, that can reasonably be credited to the Profit and Loss Account.
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