Packers Ltd. sells its products charging them out at $ 50 each. Customers are credited by $ 45 each if the containers are returned within 2 months. All stocks with the customers and in the factory on the date of closing are valued at $ 40 each, except those representing new ones which are valued at their purchase price. The opening stock with customers and in factory has been valued at $ 50 each. Following particulars with regard to the containers are available for the year ended 31st March, 2015: No. of Containers No. of Containers Stock with customers (1-4-2014) 6,800 Returnable stock with customers 8,200 60,000 Stock in factory (31-3-2015) 60,600 Purchased during the year Stock in factory (1-4-2014) 4,000 10,700 $ 1,20,000 (31-3-2015) Sent out to customers Returned by customers Sold as scrap (for $ 30 each) 100 Prepare Containers Stock Account and Containers Reserve Account.

Packers Ltd. sells its products charging them out at $ 50 each. Customers are credited by $ 45 each if the containers are returned within 2 months. All stocks with the customers and in the factory on the date of closing are valued at $ 40 each, except those representing new ones which are valued at their purchase price. The opening stock with customers and in factory has been valued at $ 50 each. Following particulars with regard to the containers are available for the year ended 31st March, 2015: No. of Containers No. of Containers Stock with customers (1-4-2014) 6,800 Returnable stock with customers 8,200 60,000 Stock in factory (31-3-2015) 60,600 Purchased during the year Stock in factory (1-4-2014) 4,000 10,700 $ 1,20,000 (31-3-2015) Sent out to customers Returned by customers Sold as scrap (for $ 30 each) 100 Prepare Containers Stock Account and Containers Reserve Account.

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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