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ILLUSTRATION 4 Simon Construction Ltd.with a paid up share capital of $50 lakhs undertook a...

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ILLUSTRATION 4 Simon Construction Ltd.with a paid up share capital of $50 lakhs undertook a contract to construct MIG apartments. The work commenced on the contract on 1st April 2018. The contract price was $ 60 lakhs. Cash received on account of the contract upto 31st March, 2019 was 3 18 lakhs (being 90% of the work certified). Work completed but not certified was estimated at $ 1,00,000. As on 31st March 2019 material at site was estimated at $30,000, machinery at site costing $ 2,00,000 was returned to stores and wages outstanding were $ 5,000. Plant and Machinery at site is to be depreciated at 5%. Following were the ledger balances (Dr.) as per trial balance as on 31st March, 2019: $ Land and Building 23,00,000 Site expenses Plant and Machinery (60% at site) 25,00,000 Office expenses Furniture 60,000 Rates and taxes Materials 14,00,000 Cash at bank Fuel and Power 1,25,000 Wages $ 5,000 12,000 15,000 1,33,000 2,50,000 Prepare Contract Account and Balance Sheet

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