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Contract No………………….. (a/c) Solution of example (2): Material received on site 792500 Material on site 31/12 273750 ….(1) Transfer to site 125250 Plant value on 31/12 318750 …. (2) Issued from stores 32500 Total material received 950250 Cost of work done=Total -{(1)+ (2)} Returned to suppliers (37500) 1980750 Returned to stores (1250) Cost of work completed & certified Transferred from site to other 1738500 Site (12750) Cost of work completed but not certified (51500) 242250 Material available 898750 Wages paid on site 475250 accruing wages 31/12 47250 Direct labor cost 522500 *note: Head office expenses 5% 57375 Material used=898750-273750=625000 Expenses paid on site 285450 Prime cost=material cost + labor cost prepaid expenses on 31/12 (28325) =625000+522500=1147500 257125 5%×1147500=57375 Sub contractors 325500 Rent of equipment 95500 Accrued rent on31/12 25750 121250 Small tools 15750 Plant purchased 0n 1/1 375000 Total 2573250 Total 2573250 Cash received from on account 1266000 1612800 75% X 100% Value of work completed & certified=1266000×100/75=1688000 Profit= value of work completed &certified – cost of work completed & certified =1688000-1738500=-50500 Loss=50500 Company make losses amounted as 50500 With my best wishes Eng.Wadah bushra mba student