Marco Chemical Ltd. supply their products in returnable drums which are charged at $ 20 each. Customers returning the drums with in a month are credited with $ 18. The company's procedure is to retain...

Extracted text: Marco Chemical Ltd. supply their products in returnable drums which are charged at $ 20 each. Customers returning the drums with in a month are credited with $ 18. The company's procedure is to retain of the drums. Following particulars are available from the books : 18 in deposit account till the date of expiry of the option period for return 8,000 Drums returned by customers 16,000 Returnable drums as on 1-4-2014 Drums in stock as on 1-4-2014 Drums purchased during 2014-15 at $ 15 per drum 2,88,000 15,000 in 2014-15 Drums returnable on 31-3-2015 20,000 Drums scrapped in 2014-15-sold for $ 10,000 Drums sent to customers 2,000 during 2014-15 All drums as on 31-3-2014 and 31-3-2015 are to be valued at $ 10 each. All the amount due in respect of drums have been collected from the customers. 00,000 You are asked to show the Ledger Accounts for the year 2014-15 : (a) Drums A/c (b) Drums Debtors A/c.