Excel .Business services sells its goods in containers which are returnable. These containers are purchased by the company at Sh.20 per container but each container is written down to the book value of Sh.15 per container immediately it is purchased. For stock taking purposes all containers are valued Sh.15 per container irrespective of whether they are still in stock or in the hands of customers. Containers are charged out to customers at Sh.25 per container, but the customer is credited with Sh.18 per container if it is returned in good condition within three months of receipt. The following information relates to the year ended on 31st March 2018 (i) .Stock at 1.4.2018 Premises: 10,000 Customers: 2,000 (ii). during the year 15,000 containers were purchased (iii). 40,000 containers were returned by customers within the time limit (iv) .3,000 containers were not returned by customers within the time limit. These were considered as kept by the customers permanently. (v) .1, 000 containers were scrapped and sold for Sh.3, 000 vi) Shs.7, 000 were spent on the repair of the containers. (vii) On 31st March 2003, 4,000 containers were in the possession of customers. Required: Prepare container stock and suspense account for the year ended 31st March 2003 and find the profit or loss made on containers.

(b) Ujenzi Limited ,are engaged in a number of long-term contracts. The following details relate to the three uncompleted contracts in the company's books at 31 August 2017 Contract No. X012 Sh.'000' X022 Sh.'000' X023 Sh.'000' Cost of work to 31st Aug. 2017 1,218 1,091 545.6 Cost of work to 31st Aug. 2017 Value of work 31 Aug. 2017 as certified by contract architects 1,540 880 572 Progress payments invoice to 31 Aug. 2017 1,320 704 440 Process payment received by 31 Aug. 2017 1100 440 Final cost including future costs of rectification and guarantee work 1320 1540 2,640 Final contract price 1,672 1,232 3,520 Note 1: The cost of work to 31 Aug. 2003 has been determined after crediting unused materials and written down for plant of use. Required: (a show a statement for the managing director showing your calculations for each contract of valuation of W.I.P at 31 Aug. 2003 and of profit or loss included therein (use % of completion) (12 marks) (b) Show as an extract the information which should appear in the balance sheet for the work in progress.