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Accounting


Money withheld by the Contractee to cushion for unforseen breach, and payable at the end of the contract is known as _____________ A plant was purchased for $520,000 on 1st January, 2019

Money withheld by the Contractee to cushion for unforseen breach, and payable at the end of the contract is known as _____________

A plant was purchased for $520,000 on 1st January, 2019. It was expected that the life of the plant is 5 years and at the end of the 5th year, its scrap value will be $25,000. The plant was used for 73 days on Contract No. 4. How much depreciation will be charged to Contract No. 4?

Work in progress is the summation of ___________ and  __________

Suppose, the total value of work certified is N100,000 and it is agreed that 20% of the work certified shall be retained till the completion of the contract, the contractee shall pay N80,000 to the contractor immediately and keep N20,000 (20% of N100,000) as Retention Money till the completion of contract. How much will form part of the Work-in-progress?

A contractor purchased a plant on 1.4.2019 for Contract No. 3 at a cost of N100,000. Plant costing N10,000 was found unsuitable and sold immediately at $11,500. Plant costing N20,000 was returned to stores on 31.12.2019. Plant costing N5,000 was lost in an accident on 30.9.2019. Show the treatment of the plant by providing depreciation at 20% per annum. The books are closed on 31st March, each year. How much abnormal loss did the company sustain on Contract No. 3?

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