Question: 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

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

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!