Modi Constructions Ltd. has taken two contracts on 1st Oct., 2014. The position of the contracts on 30th Sept., 2015 is as follows: Contract price Materials Wages paid Other expenses Plant at site Unused materials at site Wages payable Other expenses due Work certified Cash received Work uncertified The plant at site is to be depreciated at 10%. Prepare the Contract Account in respect of each work showing the notional profit and also profit to be transferred to Profit and Loss Account. [Ans. 1 - Loss` 68,000; II - Tr. to P\&L A/c`1,33,500, Reserve` 1,33,500 ] Modi Constructions Ltd. has taken two contracts on 1st Oct., 2014. The position of the contracts on 30th Sept., 2015 is as follows: Contract price Materials Wages paid Other expenses Plant at site Unused materials at site Wages payable Other expenses due Work certified Cash received Work uncertified The plant at site is to be depreciated at 10%. Prepare the Contract Account in respect of each work showing the notional profit and also profit to be transferred to Profit and Loss Account. [Ans. 1 - Loss` 68,000; II - Tr. to P\&L A/c`1,33,500, Reserve` 1,33,500 ]