Prepare a stores ledger account based on fifo method, Accounting Basics

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Prepare a stores ledger account based on fifo method

Question:

The following is the record of receipts and issues of a certain material for the month of December:

December 3.	Opening balance 200 kg at Rs. 20 per kg
	Issue 100 kg
	Issue 50 kg
	Purchases 300 kg at Rs. 18 per kg
	Issue 300 kg
	Purchases 50 kg at Rs. 15 per kg
	Issue 100 kg
	Received back from completed job 5 kg
	(previously issued at Rs. 20 per kg)

Prepare a stores ledger account based on FIFO Method.

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Accounting Basics: Prepare a stores ledger account based on fifo method

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Accounting Basics: Prepare a stores ledger account based on fifo method

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