Prepare the Contract Account for the period ended October 31st, 2009.

Here's the solution to your contract accounting problem.

Part (a): Prepare the Contract Account for the period ended October 31st, 2009

Step 1: Calculate total costs incurred and closing balances.
First, we sum up all the expenses incurred for the contract and determine the closing values for materials and plant on site.

• Total Wages: $$\text{Wages Paid} + \text{Wages Owing} = \text{N}1,360,000 + \text{N}40,000 = \text{N}1,400,000$$

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