Three Contracts commenced on 1st January 1st July and 1stOctober 2019 respectively were undertaken by Contractor and theiraccounts on 31st December 2019 showed the position given in TableNo. 3. The plant was installed on the date of commencement of eachcontract, depreciation thereon be taken at 10%/year. PrepareContract Account in tabular form and depict how they would appearin the Balance Sheet as on closing date of year.

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Table No. 3: Particulars Contract Price Expenses: Material Wages Paid General Charges Plant Installed Material on Hand Wages Accrued Work Certified Cash Received Works Finished but Not Certified 1 2 $300,000 $400,000 20,000 72,000 14,000 110,000 1,000 4,000 12,000 20,000 2,000 4,000 1,800 4,000 33,000 200,000 27,000 150,000 2,100 6,000 3 $270,000 58,000 112,400 2,800 16,000 4,000 4,000 160,000 120,000 8,000 Table No. 3: Particulars Contract Price Expenses: Material Wages Paid General Charges Plant Installed Material on Hand Wages Accrued Work Certified Cash Received Works Finished but Not Certified 1 2 $300,000 $400,000 20,000 72,000 14,000 110,000 1,000 4,000 12,000 20,000 2,000 4,000 1,800 4,000 33,000 200,000 27,000 150,000 2,100 6,000 3 $270,000 58,000 112,400 2,800 16,000 4,000 4,000 160,000 120,000 8,000 Table No. 3: Particulars Contract Price Expenses: Material Wages Paid General Charges Plant Installed Material on Hand Wages Accrued Work Certified Cash Received Works Finished but Not Certified 1 2 $300,000 $400,000 20,000 72,000 14,000 110,000 1,000 4,000 12,000 20,000 2,000 4,000 1,800 4,000 33,000 200,000 27,000 150,000 2,100 6,000 3 $270,000 58,000 112,400 2,800 16,000 4,000 4,000 160,000 120,000 8,000 Table No. 3: Particulars Contract Price Expenses: Material Wages Paid General Charges Plant Installed Material on Hand Wages Accrued Work Certified Cash Received Works Finished but Not Certified 1 2 $300,000 $400,000 20,000 72,000 14,000 110,000 1,000 4,000 12,000 20,000 2,000 4,000 1,800 4,000 33,000 200,000 27,000 150,000 2,100 6,000 3 $270,000 58,000 112,400 2,800 16,000 4,000 4,000 160,000 120,000 8,000 Table No. 3: Particulars Contract Price Expenses: Material Wages Paid General Charges Plant Installed Material on Hand Wages Accrued Work Certified Cash Received Works Finished but Not Certified 1 2 $300,000 $400,000 20,000 72,000 14,000 110,000 1,000 4,000 12,000 20,000 2,000 4,000 1,800 4,000 33,000 200,000 27,000 150,000 2,100 6,000 3 $270,000 58,000 112,400 2,800 16,000 4,000 4,000 160,000 120,000 8,000 Table No. 3: Particulars Contract Price Expenses: Material Wages Paid General Charges Plant Installed Material on Hand Wages Accrued Work Certified Cash Received Works Finished but Not Certified 1 2 $300,000 $400,000 20,000 72,000 14,000 110,000 1,000 4,000 12,000 20,000 2,000 4,000 1,800 4,000 33,000 200,000 27,000 150,000 2,100 6,000 3 $270,000 58,000 112,400 2,800 16,000 4,000 4,000 160,000 120,000 8,000

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Please find the below 3 Contract Ledger Accounts and Balance sheet at the last at the closing date o... View the full answer