Q1.

Prepare ledger account using FIFO , LIFO, weighted

average method from the following transaction .
Year 2006
1 dec Opening stock 450 unit @20
5 dec Purchaesd 350 unit @ 23
7 dec Issued 600 units
10 dec Purchaesd 750 unit @ 25
15 dec Issued 450 units
18 dec Issued 300 units
25 dec Purchased 500 units @ 26 each
29 dec Issued 400 units

Retailed sale Goods

7 Dec 600 unit@40
15 Dec 450 unit@45

18 Dec 300 unit@50

29 Dec 400 unit@60

 Ledger (LIFO METHOD)
DAT Recie Issu Balanc
E pt e e
Qt Rate Amn Qt Rat Amn Qt Rate Amn
y t y e t y t
1 - - - - - - 45 20 9000
dec 0
5 35 23 8050 45 20 9000
dec 0 0
35 23 8050
0
7 45 20 900
dec 0 0
15 23 345 20 23 4600
0 0 0
10 75 25 1875 20 23 4600
dec 0 0 0
75 25 1875
0 0
15 20 23 460
dec 0 0
25 25 625 50 25 1250
0 0 0 0
18 30 25 750 20 25 5000
dec 0 0 0
25 50 26 1300 20 25 5000
 dec 0 0 0
50 26 1300
0 0
29 200 25 500
dec 0
200 26 520 30 26 7800
0 0
LEDGER (FIFO METHOD)
Ledger (LIFO METHOD)
Date Reciepts Issu Balance
e
Qty Rate Amnt Qty Rate Amnt Qty Rate Amnt
1 45 20 9000
dec 0
5 350 23 8050 45 20 9000
dec 0
35 23 8050
0
7 350 23 8050
dec
250 20 5000 20 20 4000
0
10 750 25 18750 20 20 4000
dec 0
75 25 18750
0
15 450 25 11250 20 20 4000
dec 0
30 25 7500
0
18 300 25 7500 20 20 4000
dec 0
25 500 26 13000 20 20 4000
dec 0
50 26 13000
0
10 26 2600
0
LEDGER (Weighted Average Method)

Date Reciept Issue Balanc

e
Qty Rate Amnt Qty Rate Amnt Qty Rate Amnt
1 450 20 9000
dec
5 350 23 8050 800 21.3 17040
dec
7 600 21.3 1278 200 21.3 4260
dec 0
10 750 25 1875 950 24.2 23275
dec 0
15 450 24.2 1089 500 24.2 12100
dec 0
18 300 24.2 7260 200 24.2 4840
dec
25 500 26 1300 700 25.5 17850
dec 0
29 400 25.5 1020 300 25.5 7650
dec 0

Specific Identification method

Q 2: Prepare Ledger Account using Specific Identification

Method From the Following Transaction
Year 2005
Date
Dec 1 Purchased 1000@2

Dec 15 Purchased 3000@2.20

Dec 18 Issued 2000 units

Dec 30 Purchased 1000@2.40

The 3000 units in the ending inventory ondec 30 is

composed of 500 units from purchases made on Dec 1
1500 units from purchases made on april 15 and 1000
unit from purchases made on dec 30.

Ledger (Specific Identification Method )

Date Reciept Issu Balanc

e e
Qty Rate Amnt Qty Rate Amnt Qty Rate Amnt
1 1000 2 2000 100 2 2000
dec 0
15 3000 2.2 6600 100 2 2000
dec 0
300 2.2 6600
0
18 500 2 1000
dec
150 2.2 3300 500 2 1000
0
150 2.2 3300
0
30 1000 2.4 2400 500 2 1000
dec
150 2.2 3300
0
100 2.4 2400
0
DATE ACCOUNT TITLE DEBIT CREDIT
AND
EXPLANATION
DEC 7 CASH 24000
SALES 24000

DEC 7 COST OF GOOD 12450

SOLD

INVENTORY 12450

DEC 15 CASH 20250

SALES 20250

DEC 15 COST OF GOOD 10850

SOLD

INVENTORY 10850

DEC 18 CASH 15000

SALE 15000

DEC 18 COST OF GOOD 7500

SOLD

INVENTORY 7500

DEC 29 CASH 24000

SALE 24000

DEC 29 COST OF GOOD 10200

SOLD
 INVENTORY 10200

DATE ACCOUNT TITLE DEBIT CREDIT

AND
EXPLANATION
DEC 7 CASH 24000
SALES 24000

DEC 7 COST OF GOOD 13050

SOLD

INVENTORY 13050

DEC 15 CASH 20250

SALES 20250

DEC 15 COST OF GOOD 11250

SOLD

INVENTORY 11250

DEC 18 CASH 15000

SALE 15000

DEC 18 COST OF GOOD 7500

SOLD

INVENTORY 7500

DEC 29 CASH 24000

SALE 24000

DEC 29 COST OF GOOD 9200

SOLD

INVENTORY 9200
DATE ACCOUNT TITLE DEBIT CREDIT
AND
EXPLANATION
DEC 7 CASH 24000
SALES 24000

DEC 7 COST OF GOOD 12780

SOLD

INVENTORY 12780

DEC 15 CASH 20250

SALES 20250

DEC 15 COST OF GOOD 10890

SOLD

INVENTORY 10890

DEC 18 CASH 15000

SALE 15000

DEC 18 COST OF GOOD 7260

SOLD

INVENTORY 7260

DEC 29 CASH 24000

SALE 24000

DEC 29 COST OF GOOD 10200

SOLD

INVENTORY 10200
DATE Account title and debit Credit
explanation
Dec 18 Cash 10000
Sale 10000

Dec 18 Cost of Goods 4300

sold
Inventory 4300

In sequence
1 LIFO
2 FIFO
3 Weighted Average
4 Specific Identification
Gourna journal are written

Name Muhammad awais

Sap id 30351