Store Ledger Question Solution by both FIFO and LIFO Methods.

 

 

Solution:

 

 

 

 

  Store Ledger Account under FIFO method

Date	Particulars	Receipt			Issue			Balance
		QTY	Rate	Amount	QTY	Rate	Amount	QTY	Rate	Amount
Baishakh 1	Opening balance							600	200	1,20,000
31	Issued 500 tons				500	200	1,00,000	100	200	20,000
`jestha 13	Purchased 400 tons	400	170	68,000				100 400	200 170	20,000 68,000
14	Returned from department 30 tons	30	200	6,000				100 400 30	200 170 200	20,000 68,000 6,000
16	Issued 360 tons				100 260	200 170	20,000 44,200	140 30	170 200	23,800 6,000
20	Purchased 480 tons	480	180	86,400				140 30 480	170 200 180	23,800 6,000 86,400
Ashadh 1	Issued 400 tons				140 30 230	170 200 180	23,800 6,000 41,400	250	180	45,000
2	Purchased 640 tons	640	190	1,21,600				250 640	180 190	45,000 1,21,600
15	Returned to supplier 40 tons				40	190	7,600	250 600	180 190	45,000 1,14,000
20	Purchased 300 tons	300	200	60,000				250 600 300	180 190 200	45,000 1,14,000 60,000
24	surplus	20	180	3,600				250 600 300 20	180 190 200 180	45,000 1,14,000 60,000 3,600
25	Issued 700 tons				250 450	180 190	45,000 85,500	150 300 20	190 200 180	28,500 60,000 3,600
30	Shortage				10	190	1,900	140 300 20	190 200 180	26,600 60,000 3,600

Closing stock: 140 units@ RS. 190;  300 units@ RS. 200;  20 units@ RS. 180

 

 

 

Store Ledger Account under LIFO method

Date	Particulars	Receipt			Issue			Balance
		QTY	Rate	Amount	QTY	Rate	Amount	QTY	Rate	Amount
Baishakh 1	Opening balance							600	200	1,20,000
31	Issued 500 tons				500	200	1,00,000	100	200	20,000
Jestha 13	Purchased 400 tons	400	170	68,000				100 400	200 170	20,000 68,000
14	Returned from department 30 tons	30	200	6,000				100 400 30	200 170 200	20,000 68,000 6,000
16	Issued 360 tons				30 330	200 170	6,000 56,100	100 70	200 170	20,000 11,900
20	Purchased 480 tons	480	180	86,400				100 70 480	200 170 180	20,000 11,900 86,400
Ashadh 1	Issued 400 tons				400	180	72,000	100 70 80	200 170 180	20,000 11,900 14,400
2	Purchased 640 tons	640	190	1,21,600				100 70 80 640	200 170 180 190	20,000 11,900 14,400 1,21,600
15	Returned to supplier 40 tons				40	190	7,600	100 70 80 600	200 170 180 190	20,000 11,900 14,400 1,14,000
20	Purchased 300 tons	300	200	60,000				100 70 80 600 300	200 170 180 190 200	20,000 11,900 14,400 1,14,000 60,000
24	surplus	20	200	4,000				100 70 80 600 300 20	200 170 180 190 200 200	20,000 11,900 14,400 1,14,000 60,000 4,000
25	Issued 700 tons				20 300 380	200 200 190	4,000 60,000 72,200	100 70 80 220	200 170 180 190	20,000 11,900 14,400 41,800
30	Shortage				10	190	1,900	100 70 80 210	200 170 180 190	20,000 11,900 14400 39900

Closing stock: 100 units@ RS. 200;  70 units@ RS. 170;  80 units@ RS. 180; 210 units @RS. 190