Lubricants Ltd. Sells oil in drums which are charged at $ 10 each. Customers returning drums within amonth are credited with $ 8.Following information is available from the books :No's.(a) Returnable drums as on 1-1-20144,000(b) Drums physically in stock as on 1-1-20148,000(c) Drums purchased in 2014 at $ 5 each30,000(d) Drums sent out in 20145,00,000(e) Drums scrapped in 2014 (sold for $ 5,000)(f) Drums returned by the customers(g) Drums sent out in December, 2014 lying with customers(h) All drums as on 1st January, 2014 were valued at $2 each(i) All drums as on 31st December, 2014 are to be valued at 50 per cent below cost price.G) Amount due from (Drums) Debtors as on 1st January, 2014 $ 10,000.(k) Amount received from (Drums) Debtors during the year -$11,00,000.2,0004,80,00010,000Prepare Ledger Accounts in the books of Lubricants Ltd.

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Lubricants Ltd. Sells oil in drums which are charged at $ 10 each. Customers returning drums within a month are credited with $ 8. Following information is available from the books : No's. (a) Returnable drums as on 1-1-2014 4,000 (b) Drums physically in stock as on 1-1-2014 (c) Drums purchased in 2014 at $ 5 each 8,000 30,000 (d) Drums sent out in 2014 (e) Drums scrapped in 2014 (sold for $ 5,000) (f) Drums returned by the customers 5,00,000 2,000 4,80,000 (g) Drums sent out in December, 2014 lying with customers (h) All drums as on 1t January, 2014 were valued at $2 each (i) All drums as on 31st December, 2014 are to be valued at 50 per cent below cost price. G) Amount due from (Drums) Debtors as on 1st January, 2014 $ 10,000. (k) Amount received from (Drums) Debtors during the year -$11,00,000. 10,000 Prepare Ledger Accounts in the books of Lubricants Ltd.

Lubricants Ltd. Sells oil in drums which are charged at $ 10 each. Customers returning drums within a month are credited with $ 8. Following information is available from the books : No's. (a) Returnable drums as on 1-1-2014 4,000 (b) Drums physically in stock as on 1-1-2014 (c) Drums purchased in 2014 at $ 5 each 8,000 30,000 (d) Drums sent out in 2014 (e) Drums scrapped in 2014 (sold for $ 5,000) (f) Drums returned by the customers 5,00,000 2,000 4,80,000 (g) Drums sent out in December, 2014 lying with customers (h) All drums as on 1t January, 2014 were valued at $2 each (i) All drums as on 31st December, 2014 are to be valued at 50 per cent below cost price. G) Amount due from (Drums) Debtors as on 1st January, 2014 $ 10,000. (k) Amount received from (Drums) Debtors during the year -$11,00,000. 10,000 Prepare Ledger Accounts in the books of Lubricants Ltd.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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