(b) A company of builders took to a multi-storied structure for 40,00,000 estimating the cost to...

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(b) A company of builders took to a multi-storied structure for 40,00,000 estimating the cost to be 36,80,000. At the end of the year, the company had received 14,40,000 being 90% of the work certified; work done but not certified was 40,000. Following expenditures were incurred. ₹ 4,00,000 10,00,000 80,000 Materials Labour Plant Materials costing 20,000 were damaged. Plant is considered as having depreciated at 25%. Prepare Contract Account and show all the possible figures that can reasonably be credited to profit and Loss Account. [7] (b) A company of builders took to a multi-storied structure for 40,00,000 estimating the cost to be 36,80,000. At the end of the year, the company had received 14,40,000 being 90% of the work certified; work done but not certified was 40,000. Following expenditures were incurred. ₹ 4,00,000 10,00,000 80,000 Materials Labour Plant Materials costing 20,000 were damaged. Plant is considered as having depreciated at 25%. Prepare Contract Account and show all the possible figures that can reasonably be credited to profit and Loss Account. [7]