On 1st April,2016 Contractors Ltd. started work on contract no 534 for the construction of a barrage for a contract price of $ 1,80,00,000. Budgeted cost of the contract was $1,50,00,000. The particulars in regard to contract for the year ended 31st March 2017,were as follows;

Material issued to the contract $ 30,00,000
Materiel return to store $ 75,000
Material in hand $ 1,80,000
Wages $ 60,00,000
rent on cost( to be depreciated at 20% $ 5,00,000
Direct expenditure $ 90,000
General overhead (allocated to the contract) $ 75,000
Cost of completed work yet to be certified $ 6,00,000

to the close of the period a total sum of $ 36,40,000 being 90% of the certified amount was received.

Prepare a contract account showing the profit and loss on the contract during the period.