The following are the expenses on a contract which commences on 1st Jan. 2003

by | Mar 18, 2020 | Uncategorized

  

The following are the expenses on a contract which commences on 1st Jan. 2003

Materials purchased $ 100,000

Materials on hand $ 5,000

Direct wages $ 150,000

Plant issued $ 50, 000

Direct expenses $ 80, 000

The contract price was $1,500,000 and the same was duly received when the contract was completed in August 2003.

Required: Charge indirect expenses at 15% on wages. Provide kshs. 10000 for depreciation on plant and prepare the contract account .

  

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