The following information relates to a building contract for Rs. 10,00,000. 

The value of plant at the end of 2001 and 2002 was Rs. 7,000 and Rs. 5,000 respectively. Prepare: 

(i). The contract account,

(ii). Contractee account for two years 2001 and 2002 taking into consideration such profit for transfer to the profit and loss account as you think proper.

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Materials issued Direct wages Direct expenses Indirect expenses Work certified Work uncertified Materials at site Plant issued Cash recd. from contractor 2001 Rs. 3,00,000 2,30,000 22,000 6,000 7,50,000 8,000 5,000 14,000 6,00,000 2002 Rs. 84,000 1,05,000 10,000 1,400 10,00,000 7,000 2,000 10,00,000