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Collage-Container Examples 1&2

The document discusses the accounting treatment of non-returnable containers for two companies, Loko Trading Company and Soyoyo & Co. It outlines the purchase and valuation of containers, including the costs, depreciation, and sales markup. The document requires the preparation of a container stock account, an abridged profit and loss account, and an abridged balance sheet for Soyoyo & Co as of 31/8/20X1.

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4 views2 pages

Collage-Container Examples 1&2

The document discusses the accounting treatment of non-returnable containers for two companies, Loko Trading Company and Soyoyo & Co. It outlines the purchase and valuation of containers, including the costs, depreciation, and sales markup. The document requires the preparation of a container stock account, an abridged profit and loss account, and an abridged balance sheet for Soyoyo & Co as of 31/8/20X1.

Uploaded by

andenumrimamfate
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Example 36.01 This question relates to containers not charged out and is therefore treated as stock of stationery. Loko trading company normally purchase empties at N11 each. These are used To carry goods to customers which are not expected to be returned by them. On 1/1/20X0 3800 containers valued at N1 each were on hand of the firm. During the year 5,200 containers were bought at NI each, at the end of the year N 2,100 containers were in the warehouse of the firm and were each valued at N0.85. You are required to show the container account. Example 36. This question is concerned with non-returnable containers which are charged out to customers above cost. Soyoyo & Co normally send stock of goods to its customers in non-returnable containers. The containers are charged out to customer at a mark up of 20% and are not to be returned after usage. The organisation makes account to 31st August annually. On Ist of September 20X1, there were 8000 containers on handn valued at N6,560. During the year a total of 12,800 containers were bought for N10,240. An amount of N560 was spent on repairing the damaged container during the year. At the end of the period, 2200 containers were left with the firm and it was decided that each container on hand at year end should be valued at cost less 25% depreciation. A total of 157 containers were found to be damage beyond repairs and were scrapped out of use. At the end of the year an amount of N15,800 was collected to date from custome": for containers sold to them in the year. 1255 1 ' 1 bie 36.02 1 Wcot Containers Account Financial Accounting For Beg You are required to:- (a) Show the container stock account (b) Show the abridged profit and loss account for the year (c) Show the abridged balance sheet as at 31/8/20X1 Olas ae as

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