(Two or more contracts)

Mr Ram undertook two contracts that commenced on 1st January 1998 and 1st July 1998, respectively.

The accounts on 31st December 1998 showed the following position.

Contract I, Rs Contract II, Rs Contract price 4,00,000 2,70,000 Expenditure:

Materials 72,000 58,000 Wages paid 1,10,000 1,12,400 General charges 4,000 2,800 Plant installed 20,000 16,000 Materials on hand 4,000 4,000 Wages accrued 4,000 4,000 Work certified 2,00,000 1,60,000 Cash received in respect thereof 1,50,000 1,20,000 Work done but not certified (at cost) 6,000 8,000 The plants were installed on the date of commencement of each contract; depreciation thereon is to be taken at 10% p.a.
Prepare the contract accounts in tabular form and ascertain the profit or loss to be taken to profit and loss account.