Question

Q-3 From the following particulars, prepare a Stores Ledger for the month of January 2021
showing material issue prices on the FIFO or LIFO Price Method.
Receipts of Material
Issues of Material
Date
Units Rate per Unii (Rs.)
Date
Units
January 1, 2021 500
2
January 1, 2021
400
January 10, 2021 200
3
January 15, 2021
100
January 18, 2021 400
4
January 22, 2021
200
January 28, 2021 300
5
January 31, 2021
300
January 29, 2021 Returns 10 units (issue: on 15th Jan.)
2 units loss were revealed on Jan. 28 during suck verification,​

Answer 1

Answer:

Q-3 From the following particulars, prepare a Stores Ledger for the month of January 2021

showing material issue prices on the FIFO or LIFO Price Method.

Receipts of Material

Issues of Material

Date

Units Rate per Unii (Rs.)

Date

Units

January 1, 2021 500

2

January 1, 2021

400

January 10, 2021 200

3

January 15, 2021

100

January 18, 2021 400

4

January 22, 2021

200

January 28, 2021 300

5

January 31, 2021

300

January 29, 2021 Returns 10 units (issue: on 15th Jan.)

2 units loss were revealed on Jan. 28 during suck verification,