Please do in 5 mins

United Construction Company got a contract in January 2001 for construction of a bridge. The Contract price was 5,00,000. The Company incurred the following costs upto 31.12.2001 : Material issued 1,10,000 Wages Paid 40,000 Direct Expenses 20,000 Plant Purchased on 30.6.2001 1,00,000 Materials in Hand 5,000 Cost of Uncertified Work 2,000 Depreciation to be charged on plant @ 10% per annum. Other Works Expenses to be charged @ 20% of wages and Office Expenses @ 10% of works cost. The amount certified by the Engineer upto 31.12.2001 was 3,00,000 and retention money being 20% of the certified value. Prepare a Contract Account showing therein the amount of profit or loss to be transferred to Costing Profit and Loss Account