Prepare the contract account, contractee account and value of work-in-progress. Sunkanmi Ltd., commenced work on shopping complex

Prepare the contract account, contractee account and value of work-in-progress.

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Sunkanmi Ltd., commenced work on shopping complex for Ona Ara Local Government on 1st January, 2019. The contract price is N8,100,000. As at 31st December, 2019 the following cost have been incurred by contractor: N'000 Machineries and equipment purchased 810 Labour cost as at 31st December 1,620 Materials sent to site 2,025 Direct cost 324 Establishment expenses 675 Materials unused at 31st December 203 Materials returned to store 68 Labour cost unpaid as at 31st December Direct cost unpaid as at 31st December Value of machineries and equipment at 31st December Cost work not yet certified 67 14 540 405 Cash received so far 4,860 As at 31st December, 2019, the certificate of work approved amounted to N5,400,000. It is the policy of the Local Government to keep 10% of contract price as a retention fees. Required: Prepare the contract account, contractee account and value of work-in-progress. Sunkanmi Ltd., commenced work on shopping complex for Ona Ara Local Government on 1st January, 2019. The contract price is N8,100,000. As at 31st December, 2019 the following cost have been incurred by contractor: N'000 Machineries and equipment purchased 810 Labour cost as at 31st December 1,620 Materials sent to site 2,025 Direct cost 324 Establishment expenses 675 Materials unused at 31st December 203 Materials returned to store 68 Labour cost unpaid as at 31st December Direct cost unpaid as at 31st December Value of machineries and equipment at 31st December Cost work not yet certified 67 14 540 405 Cash received so far 4,860 As at 31st December, 2019, the certificate of work approved amounted to N5,400,000. It is the policy of the Local Government to keep 10% of contract price as a retention fees. Required: Prepare the contract account, contractee account and value of work-in-progress.