BASIC DATA: 1. Details of Contract 315, for Customer Alfa Ltd begun during the year: ITEM...

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BASIC DATA: 1. Details of Contract 315, for Customer Alfa Ltd begun during the year: ITEM Materials purchased and delivered to site 596 00 Materials issues from store 4800 Materials returned to store 1050 Site wages 17300 Site direct expenses 2250 Plant sent to site 5500 Plant returned from site 2800 Architect's fees 1800 Sub-contract work 9900 Head office overheads to be charged at 15% of site wages 2. At the year end valuation were: ITEM Material on site 2500 Plant on site 3500 Cost of work done but not yet certified (work in Progress) 5200 Prepayments 350 Accruals 650 PLEASE TURN OVER 3. During the year architect's certificates to the value of 102,000 were issued, and Alfa Ltd made progress payments to this extent, less 10% retention monies. Required: 1) Contract A/c - No. 315 for Customer Alfa Ltd 2) Work in Progress A/c 3) Profit and Loss section 4) Future section 5) Customer Alfa Ltd Given formula: 2/3 x Net Profit x Cash received Work certified BASIC DATA: 1. Details of Contract 315, for Customer Alfa Ltd begun during the year: ITEM Materials purchased and delivered to site 596 00 Materials issues from store 4800 Materials returned to store 1050 Site wages 17300 Site direct expenses 2250 Plant sent to site 5500 Plant returned from site 2800 Architect's fees 1800 Sub-contract work 9900 Head office overheads to be charged at 15% of site wages 2. At the year end valuation were: ITEM Material on site 2500 Plant on site 3500 Cost of work done but not yet certified (work in Progress) 5200 Prepayments 350 Accruals 650 PLEASE TURN OVER 3. During the year architect's certificates to the value of 102,000 were issued, and Alfa Ltd made progress payments to this extent, less 10% retention monies. Required: 1) Contract A/c - No. 315 for Customer Alfa Ltd 2) Work in Progress A/c 3) Profit and Loss section 4) Future section 5) Customer Alfa Ltd Given formula: 2/3 x Net Profit x Cash received Work certified