Prepare a store ledger account from the following information adopting the FIFO method 2023 Business Finance
2023 Prepare a store ledger account from the following information adopting the FIFO method of pricing
Prepare a store ledger account from the following information adopting the FIFO method of pricing of issues of materials:
|
1 March |
Opening balance |
500 tonne at Rs 200 |
|
3 |
Issued |
70 tonne |
|
4 |
Issued |
100 tonne |
|
8 |
Issued |
80 tonne |
|
13 |
Received from supplier |
200 tonne at Rs 190 |
|
14 |
Returned from department A |
15 tonne |
|
16 |
Issued |
180 tonne |
|
20 |
Received from supplier |
240 tonne at Rs 195 |
|
24 |
Issued |
300 tonne |
|
25 |
Received from supplier |
320 tonne at Rs 200 |
|
26 |
Issued |
115 tonne |
|
27 |
Returned from department B |
35 tonne |
|
28 |
Received from supplier |
100 tonne at Rs 200 |
Hint: Returns from departments on 14 and 27 March are to be assumed out of the immediate preceding issue since no details are given.
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