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Prepare a Contract Account from the following information: To Materials to site Ksh 21,500,000, To Cost of labor Ksh 3,600,000. By Materials returned to store Ksh 2,500,000.
Accounting
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i. Contract Account
The Contract Account records all costs incurred on the contract and the value of work completed.
\begin{array}{|l|r|l|r|}
\hline
Particulars & Ksh & Particulars & Ksh \\
\hline
To Materials to site & 21,500,000 & By Materials returned to store & 2,500,000 \\
To Cost of labor & 3,600,000 & \text{By Materials (Was this helpful?
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