Senthil Construction Company undertook a contract for constructing a building from 1st January 1998.

The contract price was Rs 1,00,000. He incurred the following expenses.

Rs Materials issued 6,000 Materials in hand, at the end 1,000 Wages 5,000 Direct expenses 20,000 Plant purchased 10,000 The contract was completed on 30th June 1998 and the contract price was duly received. Provide depreciation at 20% p.a. on plant and charge indirect expenses at 20% on wages. Prepare contract account in the books of the company.