Phylis Ltd has the following transactions in respect of its goods during Dec 2015. Opening stock     78 units @ GH¢25 Dec 5 bought 250 units @ GH¢24 Dec 10 sold 175 units @ GH¢95 Dec 11 bought 140 units @ GH¢26 Dec 12 sold 200 units @ GH¢48 Dec 15 paid for printing GH¢7,200 Dec 16 bought 400 units @ GH¢20 Dec 22 sold 140 units @ GH¢85 Dec 22 commission to sales Executives GH¢ 20,000 Dec 23 sold 155 units @ GH¢40 Additional information; 1. The cost of carrying a unit material inwards was agreed at GH¢1.5 2. Out of the general administrative expenses of GH¢15,200 only GH¢3,700 had been paid during December. 3. The goods sold on December 23rd only 20% has been collected by the company as at close of the year-month 4. The outstanding balance of GH¢7,100 was paid on the 20th January 2021  You are required to: a. Write up the stores ledger card using the weighted average method of stock valuation.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Phylis Ltd has the following transactions in respect of its goods during Dec 2015. Opening stock     78 units @ GH¢25

Dec 5

bought 250 units @ GH¢24

Dec 10

sold 175 units @ GH¢95

Dec 11

bought 140 units @ GH¢26

Dec 12

sold 200 units @ GH¢48

Dec 15

paid for printing GH¢7,200

Dec 16

bought 400 units @ GH¢20

Dec 22

sold 140 units @ GH¢85

Dec 22

commission to sales Executives GH¢ 20,000

Dec 23

sold 155 units @ GH¢40

Additional information;

1. The cost of carrying a unit material inwards was agreed at GH¢1.5

2. Out of the general administrative expenses of GH¢15,200 only GH¢3,700 had been paid during December.

3. The goods sold on December 23rd only 20% has been collected by the company as at close of the year-month

4. The outstanding balance of GH¢7,100 was paid on the 20th January 2021 

You are required to:

a. Write up the stores ledger card using the weighted average method of stock valuation.

b. Prepare trading, profit and loss account for the period from 1st Dec to 31st Dec 2020 using the weighted average method of stock valuation                              

c. Show the balance sheet extract as of 31/12/2020  

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