Tlou (Pty) Ltd is a company that acts as an intermediary. It purchases prescribed books for university students from various supplies and sell them to various University departments. You have been appointed as the inventory accountant of the company, where inventory is a major problem due to distribution and storage costs. The prices of the textbooks fluctuated over the period since the beginning of the year. The following Information is made available to you: 1/11/2019 Opening balance 400units @ total of R100 000 3/11/2019 Purchased 125 units @ R225 per unit 7/11/2019 Purchased 75 units @ R230 per unit 09/11/2019 50 textbooks were returned to a supplier (Bought on 3/11/2019) due to Damage and was not replaced by the supplier 11/11/2019 Sold 200 units @ R350 per unit 13/11/2019 Purchased 250 units @ R280 per unit 16/11/2019 Sold 150 units @ R350 per unit 20/11/2019 25 textbooks previously bought on 11/11/2019 were Returned by a customer. 21/11/2019 Purchased 260 units @ R265 per unit 23/11/2019 Sold 250 units @ R350 per unit 24/11/2019 Tlou Limited returned 70 textbooks to the supplier Because they were wrong textbooks, purchased on 21/11/2019 27/11/2019 Sold 80 units @ R350 per unit 28/11/2019 Purchased 200 units @ R270 per unit 29/11/2019 Customer returned 15 units sold on 23/11/2019 REQUIRED: 2.1 Calculate the value of the textbooks in closing inventory for November 20X9 according to the periodic inventory system using weighted average method.
The Effect Of Prepaid Taxes On Assets And Liabilities
Many businesses estimate tax liability and make payments throughout the year (often quarterly). When a company overestimates its tax liability, this results in the business paying a prepaid tax. Prepaid taxes will be reversed within one year but can result in prepaid assets and liabilities.
Final Accounts
Financial accounting is one of the branches of accounting in which the transactions arising in the business over a particular period are recorded.
Ledger Posting
A ledger is an account that provides information on all the transactions that have taken place during a particular period. It is also known as General Ledger. For example, your bank account statement is a general ledger that gives information about the amount paid/debited or received/ credited from your bank account over some time.
Trial Balance and Final Accounts
In accounting we start with recording transaction with journal entries then we make separate ledger account for each type of transaction. It is very necessary to check and verify that the transaction transferred to ledgers from the journal are accurately recorded or not. Trial balance helps in this. Trial balance helps to check the accuracy of posting the ledger accounts. It helps the accountant to assist in preparing final accounts. It also helps the accountant to check whether all the debits and credits of items are recorded and posted accurately. Like in a balance sheet debit and credit side should be equal, similarly in trial balance debit balance and credit balance should tally.
Adjustment Entries
At the end of every accounting period Adjustment Entries are made in order to adjust the accounts precisely replicate the expenses and revenue of the current period. It is also known as end of period adjustment. It can also be referred as financial reporting that corrects the errors made previously in the accounting period. The basic characteristics of every adjustment entry is that it affects at least one real account and one nominal account.
![Tlou (Pty) Ltd is a company that acts as an intermediary. It purchases prescribed books for
university students from various supplies and sell them to various University departments. You
have been appointed as the inventory accountant of the company, where inventory is a major
problem due to distribution and storage costs.
The prices of the textbooks fluctuated over the period since the beginning of the year. The
following Information is made available to you:
1/11/2019 Opening balance
400units @ total of R100 000
3/11/2019 Purchased
125 units @ R225 per unit
7/11/2019 Purchased
75 units @ R230 per unit
09/11/2019 50 textbooks were returned to a supplier (Bought on 3/11/2019) due to
Damage and was not replaced by the supplier
11/11/2019 Sold
200 units @ R350 per unit
13/11/2019 Purchased
250 units @ R280 per unit
16/11/2019 Sold
150 units @ R350 per unit 20/11/2019
25 textbooks previously bought on 11/11/2019 were
Returned by a customer.
21/11/2019 Purchased
260 units @ R265 per unit
23/11/2019 Sold
250 units @ R350 per unit
24/11/2019 Tlou Limited returned 70 textbooks to the supplier
Because they were wrong textbooks, purchased on
21/11/2019
27/11/2019 Sold
80 units @ R350 per unit
28/11/2019 Purchased
200 units @ R270 per unit
29/11/2019 Customer returned 15 units sold on 23/11/2019
REQUIRED:
2.1 Calculate the value of the textbooks in closing inventory for November 20X9 according
to the periodic inventory system using weighted average method.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F0d0cd47e-d06f-4159-926c-8c1141220746%2F4522ef55-a5d0-48fa-9118-2f3eae7da0e7%2Fv3k3mo_processed.png&w=3840&q=75)
![](/static/compass_v2/shared-icons/check-mark.png)
Step by step
Solved in 3 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
![Horngren's Cost Accounting: A Managerial Emphasis…](https://www.bartleby.com/isbn_cover_images/9780134475585/9780134475585_smallCoverImage.gif)
![Intermediate Accounting](https://www.bartleby.com/isbn_cover_images/9781259722660/9781259722660_smallCoverImage.gif)
![Financial and Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781259726705/9781259726705_smallCoverImage.gif)