In this method, we will take some advance price and when our customer will return our container, we will return his deposit amount which will be less than advance price and difference will be our rent. We pass following journal entries in our books :Ĭ) When containers are returned by customers At that time, we divide total stock of containers into two parts, one is container stock in our store and other is container stock with customers. We should take tension of the containers which are in the hand of customers because we are not taking any charges. Our customers get our products and return our container back to us. It means we sell our products in containers. Profit from containers = Excess of credit side over debit side of container account When we make a separate charge for non returnable containers, we will get profit from containers and it will be transfer to profit and loss account, we can calculate it with following way by opening package account.ĭebit of package account = opening stock of containers + purchase of containersĬredit of package account = amount of containers received from customers + closing stock of containers
If it is the part of cost of product, we transfer it to production account, if it is the part of cost of sale, we transfer it to profit and loss account. = Opening stock of containers + purchase of containers - Closing stock of containers. We can calculate cost of consumption of containers. We open a separate account "Package Stock Account" in our books. In that situation, we add the price of packages in the sale price of products. At that time, we use following accounting system : So, start preparing for MCQ quiz questions of categories of your choice and have a successful career ahead.When we sell the goods in containers, our customers do not return our containers. We have MCQ questions for school subjects, college subjects, engineering students, doctors, IT professionals, freshers and for experience individuals. for making you prepare for various competitive exams. We have compiled multiple choice questions and answers for different categories of subject including General Science, Electrical, Electronics, Computer, Biomedical, Business Management, Mathematics, Chemistry, Aptitude, History, Civics, Mechanical Engineering etc.
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