Assignment no-3

Name- Yadnyesh Kini

Course- FY BBA IB
Subject- Basics Of Cost Accounting
Lecturer name- Mr. Thomson Varghese
Topic-
As per my survey done at Yashwin Encore, Wakad,
Pimpri chinchwad. This site is constructed by -
M/s Vilas Javdekar Developers. Accordingly the
Contract A/C is Prepared. Contractee A/C and
Extract of Balance sheet is prepared from the
following information as received from the following
company.
 Particular Amount
Contract Price 2,50,00,000
Material Issued to contract 85,34,900
Labour Engaged on Site 74,37,500
Plant installed on site 15,00,000
Direct Expenditure 3,16,700
Establishment Charges 4,12,600
Material Returned To Store 54,900
Work Certified By Architects 1,95,00,000
Cost of Work Not Certified Yet 4,50,000
Material in hand, 31st March 1,88,300
Wages accrued on 31st March 2,40,000
Direct Expenses Accrued on 31st March 24,000
Value of Plant on 31st March 11,00,000

In the books of M/s Vilas Javdekar Developers,

 as the Building Contract of Yashwin Encore, Wakad, Pune

Contract Account
(For the period 01-04-2021 to 31-03-2022)

Particular Amount Particular Amount

By Material returned to store 54,900
To Material to Site 85,34,000

74,37,500 1,88,300
To labour engaged By materials at site

15,00,000 By value of plant at site 11,00,000

To Plant installed

3,61,700
To Direct Expenditure By work in progress A/C

28,27,500 Value of Work Certified 1,95,00,000 1,99,50,000

To Balance c/d
Cost of Work Uncertified 4,50,000
2,12,93,200 2,12,93,200

To Profit and Loss A/C 17,40,000 28,27,500

By Balance b/d

28,27,500 X 2 X 1,80,00,000 ----------- 10,20,000

3 1,95,00,000
To Work In Progress A/C 10,87,500
By Plant at site
60,00,000

28,27,500 28,27,500

BALANCE- SHEET
(As On 31st March 2022)
Particulars Amount Particulars Amount
Wages Accrued 2,40,000 Work in Progress
1,88,62,500
Direct Expense Accrued 24,000 (-) Cash Received from 8,62,500
Contractee 1,80,00,000
Materials In Stores 54,900
Materials at Site 1,88,300
Plant at Site 11,00,000