The following information relates to a contract for Rs 7,50,000 (the contractee paying 90% of...
90.2K
Verified Solution
Link Copied!
Question
Accounting
The following information relates to a contract for Rs 7,50,000 (the contractee paying 90% of the value of work done and certified by the Architect and rest on completion of the contract) of Murugan Construction Company.
1996 | 1997 | 1998 Rs | |
Materials | 90000 | 1,10,000 | 63,000 |
Wages | 85,000 | 1,15,000 | 85,000 |
Direct expenses | 3,500 | 12,500 | 4,500 |
Indirect expenses | 1,500 | 2,000 | - |
Work certified | 1,75,000 | 5,65,000 | 7,50000 |
Work uncertified | - | 10,000 | - |
Plant | 10000 | - | - |
The value of plant at the end of 1996, 1997 and 1998 was Rs 8,000, Rs 5,000 and Rs 2,000 respectively.
Prepare contract account for the three years in the books of Murugan Construction Company.
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
- Unlimited Question Access with detailed Answers
- Zin AI - 3 Million Words
- 10 Dall-E 3 Images
- 20 Plot Generations
- Conversation with Dialogue Memory
- No Ads, Ever!
- Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Other questions asked by students
StudyZin's Question Purchase
1 Answer
$0.99
(Save $1 )
One time Pay
- No Ads
- Answer to 1 Question
- Get free Zin AI - 50 Thousand Words per Month
Unlimited
$4.99*
(Save $5 )
Billed Monthly
- No Ads
- Answers to Unlimited Questions
- Get free Zin AI - 3 Million Words per Month
*First month only
Free
$0
- Get this answer for free!
- Sign up now to unlock the answer instantly
You can see the logs in the Dashboard.