Containers – Knowsia

FA – May 2012 – L1 – SB – Q3 – Accounting for Inventories in Accordance with IAS 2

Accounting treatment for containers used in sales and calculation of deposits owed by customers.

Question

Nimyaro Limited sold goods in containers, which are charged out to customers at N15 each. Customers were credited with N10 for each container returned before the expiration of the due dates. At the end of the year, inventories of containers in warehouse and all returnable containers in the hands of customers were valued at N5 each.
On 1 August 2011, the number of such containers were 10,000 and 35,000 respectively. During the year ended 31 July 2011, the following transactions relating to containers took place:
(i) 40,000 were purchased at N7.50 each.
(ii) 150,000 were charged to customers.
(iii) 125,000 were returned by customers.
(iv) 4,000 of the returned containers were useless and sold for N5,000.
(v) On 31 July 2011, 55,000 containers invoiced since 1 July 2011 were in the hands of customers.
You are required to record the above transactions in the books of Nimyaro Limited for
the year ended 31 July 2011 using Containers Suspense Account Method.

Answer

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Tags: Containers, Debtor Control, Sales Accounting
Level: Level 1

Topic: Accounting for Inventories (IAS 2)
Series: MAY 2012

FA – Nov 2012 – L1 – SA – Q6 – Financial Statements Preparation

Identifying the price for returnable containers after allowing for wear and tear.

Question

Returnable containers are charged out to the customers’ accounts when containers are sent to them. The amount placed on each container for financial statement purposes after allowing for wear and tear is …… price.

A. Charge-out
B. Return
C. Cost
D. Valuation
E. Replacement

Answer

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Tags: Containers, Valuation, Wear and Tear
Level: Level 1

Topic: Financial Statements Preparation
Series: NOV 2012

FA – May 2013 – L1 – SA – Q19 – Accounting for Inventories

This question tests the knowledge of items relevant in ascertaining the quantity of containers retained by customers.

Question

Among the following listed items, highlight the one that is irrelevant when ascertaining the quantity of containers retained by the customers:

A. Charged out containers
B. Returned containers
C. Returnable containers
D. Scrapped containers
E. Opening containers with customers

Answer

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Tags: Containers, Financial Reporting, Inventory
Level: Level 1

Topic: Accounting for Inventories (IAS 2)
Series: MAY 2013

FA – Nov 2013 – L1 – SA – Q21 – Recording Financial Transactions

Identifying the accounting entries for recording container purchase.

Question

What are the accounting entries to record the purchase of containers?

Answer

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Tags: Containers, Journal Entries, Purchases
Level: Level 1

FA – May 2012 – L1 – SB – Q3 – Accounting for Inventories in Accordance with IAS 2

Accounting treatment for containers used in sales and calculation of deposits owed by customers.

Question

Answer

Find Related Questions by Tags, levels, etc.

Tags: Containers, Debtor Control, Sales Accounting
Level: Level 1

Topic: Accounting for Inventories (IAS 2)
Series: MAY 2012

FA – Nov 2012 – L1 – SA – Q6 – Financial Statements Preparation

Identifying the price for returnable containers after allowing for wear and tear.

Question

A. Charge-out
B. Return
C. Cost
D. Valuation
E. Replacement

Answer

Find Related Questions by Tags, levels, etc.

Tags: Containers, Valuation, Wear and Tear
Level: Level 1

Topic: Financial Statements Preparation
Series: NOV 2012

FA – May 2013 – L1 – SA – Q19 – Accounting for Inventories

This question tests the knowledge of items relevant in ascertaining the quantity of containers retained by customers.

Question

Among the following listed items, highlight the one that is irrelevant when ascertaining the quantity of containers retained by the customers:

A. Charged out containers
B. Returned containers
C. Returnable containers
D. Scrapped containers
E. Opening containers with customers

Answer

Find Related Questions by Tags, levels, etc.

Tags: Containers, Financial Reporting, Inventory
Level: Level 1

Topic: Accounting for Inventories (IAS 2)
Series: MAY 2013

FA – Nov 2013 – L1 – SA – Q21 – Recording Financial Transactions

Identifying the accounting entries for recording container purchase.

Question

What are the accounting entries to record the purchase of containers?

Answer

Find Related Questions by Tags, levels, etc.

Tags: Containers, Journal Entries, Purchases
Level: Level 1

Question Tag: Containers

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FA – May 2012 – L1 – SB – Q3 – Accounting for Inventories in Accordance with IAS 2

Accounting treatment for containers used in sales and calculation of deposits owed by customers.

FA – Nov 2012 – L1 – SA – Q6 – Financial Statements Preparation

Identifying the price for returnable containers after allowing for wear and tear.

FA – May 2013 – L1 – SA – Q19 – Accounting for Inventories

This question tests the knowledge of items relevant in ascertaining the quantity of containers retained by customers.

FA – Nov 2013 – L1 – SA – Q21 – Recording Financial Transactions

Identifying the accounting entries for recording container purchase.

FA – May 2012 – L1 – SB – Q3 – Accounting for Inventories in Accordance with IAS 2

Accounting treatment for containers used in sales and calculation of deposits owed by customers.

FA – Nov 2012 – L1 – SA – Q6 – Financial Statements Preparation

Identifying the price for returnable containers after allowing for wear and tear.

FA – May 2013 – L1 – SA – Q19 – Accounting for Inventories

This question tests the knowledge of items relevant in ascertaining the quantity of containers retained by customers.

FA – Nov 2013 – L1 – SA – Q21 – Recording Financial Transactions

Identifying the accounting entries for recording container purchase.

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FA – May 2012 – L1 – SB – Q3 – Accounting for Inventories in Accordance with IAS 2

Accounting treatment for containers used in sales and calculation of deposits owed by customers.

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FA – Nov 2012 – L1 – SA – Q6 – Financial Statements Preparation

Identifying the price for returnable containers after allowing for wear and tear.

You're reporting an error for "FA – Nov 2012 – L1 – SA – Q6 – Financial Statements Preparation"

FA – May 2013 – L1 – SA – Q19 – Accounting for Inventories

This question tests the knowledge of items relevant in ascertaining the quantity of containers retained by customers.

You're reporting an error for "FA – May 2013 – L1 – SA – Q19 – Accounting for Inventories"

FA – Nov 2013 – L1 – SA – Q21 – Recording Financial Transactions

Identifying the accounting entries for recording container purchase.

You're reporting an error for "FA – Nov 2013 – L1 – SA – Q21 – Recording Financial Transactions"

FA – May 2012 – L1 – SB – Q3 – Accounting for Inventories in Accordance with IAS 2

Accounting treatment for containers used in sales and calculation of deposits owed by customers.

You're reporting an error for "FA – May 2012 – L1 – SB – Q3 – Accounting for Inventories in Accordance with IAS 2"

FA – Nov 2012 – L1 – SA – Q6 – Financial Statements Preparation

Identifying the price for returnable containers after allowing for wear and tear.

You're reporting an error for "FA – Nov 2012 – L1 – SA – Q6 – Financial Statements Preparation"

FA – May 2013 – L1 – SA – Q19 – Accounting for Inventories

This question tests the knowledge of items relevant in ascertaining the quantity of containers retained by customers.

You're reporting an error for "FA – May 2013 – L1 – SA – Q19 – Accounting for Inventories"

FA – Nov 2013 – L1 – SA – Q21 – Recording Financial Transactions

Identifying the accounting entries for recording container purchase.

You're reporting an error for "FA – Nov 2013 – L1 – SA – Q21 – Recording Financial Transactions"

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