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Joseph Ltd. has a stock of 4,000 containers valued at $. 5 each. During the year, the Company purchased 8,000 containers. It issued 80,000
Joseph Ltd. has a stock of 4,000 containers valued at $. 5 each. During the year, the Company purchased 8,000 containers. It issued 80,000 containers to customers and received 74,000 containers from them; 80 containers were damaged of which 40 were repaired at a cost of $. 2 per container. The purchases are made at $. 10 per container but stocks are valued at $.5 each to allow for depreciation. You are required to prepare the Containers Stock Account.
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