Answered step by step
Verified Expert Solution
Question
1 Approved Answer
b) Mema limited sells goods in returnable containers for which he charges a deposit of kshs.20 shs 15 refunded on return. Stock is valued
b) Mema limited sells goods in returnable containers for which he charges a deposit of kshs.20 shs 15 refunded on return. Stock is valued at shs. 10 per unit and bought at prevailing market price. Opening balances were: Stock with customers 2,000 Stock at hand 1,500 During the year ended 31st December 2014 the following transactions were entered into Purchased stock 5,000 units @ kshs 12 Purchased stock 7,000 units @kshs.13 Charged to customers 50,000 units Scrapped at kshs.5 each 1,000 units Kept by customers beyond limit 2,000 units Containers held by customers but within acceptable limit is 4,000 units Required: a. Container stock account. b. Container suspense account. c. Profit statement (4 marks) (3 marks) (3 marks)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started