Contract BD258 began on January 15, 2020 and was completed on September 15, 2020 in the contractor's financial year. The
Posted: Wed Apr 27, 2022 11:20 am
- Contract Bd258 Began On January 15 2020 And Was Completed On September 15 2020 In The Contractor S Financial Year The 1 (100.74 KiB) Viewed 33 times
Contract BD258 began on January 15, 2020 and was completed on September 15, 2020 in the contractor's financial year. The total value of the contract was $6,500 000. On December 31, 2020, the inspecting engineer issued his final certificate of work done The following information relating to the contract was made available from the company's records Details/Accounts Direct labour Direct materials, less returns Materials from store and workshops Plant maintenance and use Direct expenses General overheads Materials on hand December 31 Wages owing at December 31st Direct expenses prepaid Value of work certified by the inspecting engineer Cash received on account $ 1.200.000 480,000 196.000 380,000 400,000 T240,000 40,000 65,000 48,000 4,000,000 4,500,000 Required: (a) Prepare the contract BD258 account as at December 319 2020. (15 marks) (b) Prepare the contract P&L account for the year ended December 315 2020. (5 marks) (C) Prepare the Contractes Account as at December 319 2020. (5 marks)