The following figures are disclosed by the books of a contractor for the year ending 31st December 2013:- The amounts in $
Work in progress on 31st Dec., 2012 170,000
Advances received from contractee on 31st Dec. 2012 110,000
Transaction during the year were as follows- Materials supplied to contract directly by merchants 12,000; Materials issued from stores 21,000; Wages 17,000; Working expenses 3,000; Administrative expenses (of which 500 are chargeable to general profit & Loss Account) 2,500, Plant issued 5,000; Material returned from contracts directly to merchants 900; Materials returned to stores 1,100; Contracts finished 45,000; Work certified 30,000; Profit taken upon contracts 23,000; Advances from contractee's 80,000.
Prepare contract ledger account and the Contractee's A/c and show how the Work-in-progress would appear in the Balance Sheet as on 31st Dec., 2013?