Question 67 of 78
Q.From the following particulars prepare Stores Ledger Account :
January 1 : Opening balance : 500 units @ Rs.4 per unit
January 4 : issued 200 units
January 5 : received 200 units @ Rs.4.50 per unit
January 10 : issued 400 units
January 12 : received 150 units @ Rs.4.10 per unit
January 15 : issued 120 units
Issues are made on FIFO principle.
ChseodishaCHSE Odisha Plus Two (Class 12) Commerce Board 2023Subjective· 8mImportance★★★★★est
86% · 67/78 Questions
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Start your 14-day free trial to unlock the full solution →Under FIFO the closing balance is 130 units @ Rs.4.10 = Rs.533.
Under FIFO (First-In-First-Out), each issue is priced at the cost of the oldest stock on hand, and the newest purchases remain in the closing balance.
Stores Ledger Account (FIFO) — Qty in units, Rate & Amount in Rs.:
| Date | Receipts (Qty @ Rate = Amt) | Issues (Qty @ Rate = Amt) | Balance (details) | Balance Qty | Balance Amt |
|---|---|---|---|---|---|
| Jan 1 | Opening | — | 500 @ 4.00 | 500 | 2,000 |
| Jan 4 | — | 200 @ 4.00 = 800 | 300 @ 4.00 | 300 | 1,200 |
| Jan 5 | 200 @ 4.50 = 900 | — | 300 @ 4.00; 200 @ 4.50 | 500 | 2,100 |
| Jan 10 | — | 300 @ 4.00 = 1,200; 100 @ 4.50 = 450 (total 400 = 1,650) | 100 @ 4.50 | 100 | 450 |
| Jan 12 | 150 @ 4.10 = 615 | — | 100 @ 4.50; 150 @ 4.10 | 250 | 1,065 |
| Jan 15 | — | 100 @ 4.50 = 450; 20 @ 4.10 = 82 (total 120 = 532) | 130 @ 4.10 | 130 | 533 |
| … |
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