2,000 es made during the period; uary 5,000 1,000 1,800 2,500 ust uired; . Using the Last-in-first-out method, prepare the Store Ledger A 31st August, 2020.
Bad Debts
At the end of the accounting period, a financial statement is prepared by every company, then at that time while preparing the financial statement, the company determines among its total receivable amount how much portion of receivables is collected by the company during that accounting period.
Accounts Receivable
The word “account receivable” means the payment is yet to be made for the work that is already done. Generally, each and every business sells its goods and services either in cash or in credit. So, when the goods are sold on credit account receivable arise which means the company is going to get the payment from its customer to whom the goods are sold on credit. Usually, the credit period may be for a very short period of time and in some rare cases it takes a year.
![Question Three
Kind Gestures Company is a leading producer of Akohia Soap in the Eastern Region of Ghana.
The following information relate to a component part used in manufacturing Akohia Soap for the
period ended 31st August, 2020.
Units
Total Cost (GH¢)
2,000
Stock on hand at January 1, 2020
Purchases made during the period;
January
March
100,000
4,000
3,000
8,000
2,000
200,000
180,000
640,000
100,000
Мay
July
Issues made during the period;
February
April
5,000
1,000
June
1,800
2,500
August
Required;
a. Using the Last-in-first-out method, prepare the Store Ledger Account for the period ended
31st August, 2020.
b. One of the key methods of inventory control in modern times is the just-in-time system,
list and explain 3 benefits of this system to a manufacturing company in Ghana.
c. Explain three (3) importance of Job Costing.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F3c24caf6-4743-463c-ae70-ac143483bcde%2F39df943d-c4ab-442a-86ee-2aa5ff56b545%2Fai4v3dq_processed.jpeg&w=3840&q=75)
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