A building contractor took a contract for the construction of a certain building on 1st January 1994. The contract price was agreed at Rs 4,00,000. The contractor had made the following expenditure during the year. From the following further particulars, prepare a contract account for the year. Also show the amount of work-in-progress, which will be shown in the balance sheet of the contractor
Rs
Value of plant on 31st December 1994
30,000
Stock of materials at the place of work on 31st December 1994
5,000
Materials returned to stores
1,000
Work certified by the architect
75,000
Cash received
70,000
Cost of work not yet certified
4,000
