The received side of the Stores Ledger Account shows the following Jan. 1 Opening Balance: 500 units @ Rs.4 200 units @ Rs.4.25 Jan. 5 Received from vendor: Jan. 12 Received from vendor: Jan.20 Received from vendor: Jan.25 Received from vendor: 150 units @ Rs.4.10 300 units @ Rs.4.50 400 units @ Rs.4 particulars: Issues of material were as follows: Jan. 4- 200 units; Jan. 10- 400 units; Jan. 15- 100 units; Jan 19- 100 units; Jan.26- 200 units; Jan.30-250 units. Issues are to be priced on the principle of "first in first out". Write the Stores Ledger Account in respect of the materials for the month of January.

The received side of the Stores Ledger Account shows the following Jan. 1 Opening Balance: 500 units @ Rs.4 200 units @ Rs.4.25 Jan. 5 Received from vendor: Jan. 12 Received from vendor: Jan.20 Received from vendor: Jan.25 Received from vendor: 150 units @ Rs.4.10 300 units @ Rs.4.50 400 units @ Rs.4 particulars: Issues of material were as follows: Jan. 4- 200 units; Jan. 10- 400 units; Jan. 15- 100 units; Jan 19- 100 units; Jan.26- 200 units; Jan.30-250 units. Issues are to be priced on the principle of "first in first out". Write the Stores Ledger Account in respect of the materials for the month of January.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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