Prepare a contract account showing all costs incurred and work completed.

Here are the solutions for the accounting problem:

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 & By Closing stock of raw materials & 2,0