b) Mema limited sells goods in returnable containers for which he charges a deposit of kshs.20shs 15 refunded on return. Stock is valued at shs. 10 per unit and bought at prevailing marketprice.Opening balances were:Stock with customers 2,000Stock at hand1,500During the year ended 31st December 2014 the following transactions were entered intoPurchased stock 5,000 units @ kshs 12Purchased stock 7,000 units @kshs.13Charged to customers 50,000 unitsScrapped at kshs.5 each 1,000 unitsKept by customers beyond limit 2,000 unitsContainers held by customers but within acceptable limit is 4,000 unitsRequired:a. Container stock account.b. Container suspense account.c. Profit statement(4 marks)(3 marks)(3 marks)

Answered: Image /qna-images/answer/0dfe6f0f-b136-4419-a01f-cdf7a0ffea50.jpg

Answered: b) Mema limited sells goods in…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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