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      Question

      If the Opening value of the plant introduced in the

      contract is R.60,000 and the closing value is 55,000, what is the net cost charged on account of Plant in the contract account?
      A 60,000 Correct Answer Incorrect Answer
      B 5,000 Correct Answer Incorrect Answer
      C 55,000 Correct Answer Incorrect Answer
      D 10,000 Correct Answer Incorrect Answer
      E None of the above Correct Answer Incorrect Answer

      Solution

      Transfer of Materials, Labour – at the time of issuance of materials and labour the costs of these were charged to the contract account. Similarly, if certain unused material needs to be returned, then the contract account will be credited.

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