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Contract Commenced during the year and Completed within the same Financial Year 4. X undertook a contract for constructing a building from Y on lst April, 2014. The contract price ? 10,00,000. He incurred the following expenses - 5 Material Consumed 60.09 Wages 50,00 Direct Expenses 2,00, 00g Plant Purchased 100,009 The contract was completed on 31st September, 2014 and the contract price was duly revived. Proyi4g depreciation @ 10% on plant and charge indirect expenses 20% on wages. Materials in hand on 3) March were % 10,000. Prepare Contract Account. Ans. Profit F . AN 000