Problem no.

21 Following transactions occur in the purchase and issue of a material:

Jan/02 Purchased 4000 units @ ₹4.00 per unit
Jan/20 Purchased 500 units @ ₹5.00 per unit
Feb/05 Issued 2000 units
Feb/10 Purchased 6000 units @ ₹6.00 per unit
Feb/12 Issued 4000 units
Mar/02 Issued 1000 units
Mar/05 Issued 2000 units
Mar/15 Purchased 4500 units @ ₹5.50 per unit
Mar/20 Issued 3000 units
From the above, prepare the store ledger account.
(a) by adopting FIFO method of charging material issued, and
(b) by adopting LIFO method.
What would be the value of stock in hand at the end of the period according

Stores Ledger Card (FIFO Method)

Receipts Issues
Date Particulars
Quantity Cost per tonne Total Quantity
Jan/02 Goods received note no. 4000 4 16000

Jan/20 Goods received note no. 500 5 2500

Feb/05 Requisition note no. 2000

Feb/10 Goods received note no. 6000 6 36000

2000
Feb/12 Requisition note no. 500
1500
Mar/02 Requisition note no. 1000
Mar/05 Requisition note no. 2000

Mar/15 Goods received note no. 4500 5.5 24750

1500
Mar/20 Requisition note no.
1500

* Closing balance under FIFO method - ₹ 16500/- @3000 units per 5.50 ea

Stores Ledger Card (LIFO Method)

 Receipts Issues
Date Particulars
Quantity Cost per tonne Total Quantity
Jan/02 Goods received note no. 4000 4 16000

Jan/20 Goods received note no. 500 5 2500

500
Feb/05 Requisition note no.
1500

Feb/10 Goods received note no. 6000 6 36000

Feb/12 Requisition note no. 4000

Mar/02 Requisition note no. 1000

1000
Mar/05 Requisition note no.
1000

Mar/15 Goods received note no. 4500 5.5 24750

Mar/20 Requisition note no. 3000

* Closing balance under LIFO method - ₹ 14250/- @1500 units per 4 each an
chase and issue of a material:

g material issued, and

nd at the end of the period according to each of these two methods?

ard (FIFO Method)

Issues Balance
Cost per tonne Total Quantity Cost per tonne Total
4000 4 16000
4000 4 16000
500 5 2500

(4000-2000) = 2000 4 8000

4 8000
500 5 2500
2000 4 8000
500 5 2500
6000 6 36000
4 8000 (2000-2000) = 0 4 0
5 2500 (500-500) = 0 5 0
6 9000 (6000-1500) = 4500 6 27000
6 6000 (4500-1000) =3500 6 21000
6 12000 (3500-2000) = 1500 6 9000
1500 6 9000
4500 5.5 24750
6 9000 (1500-1500) = 0 6 0
5.5 8250 (4500-1500) = 3000 5.5 16500

d - ₹ 16500/- @3000 units per 5.50 each

Card (LIFO Method)

 Issues Balance
Cost per tonne Total Quantity Cost per tonne Total
4000 4 16000
4000 4 16000
500 5 2500
5 2500 (500-500) = 0 5 0
4 6000 (4000- 1500) = 2500 4 10000
2500 4 10000
6000 6 36000
2500 4 10000
6 24000
(6000-4000) = 2000 6 12000
2500 4 10000
6 6000
(2000-1000) = 1000 6 6000
6 6000 (1000-1000) = 0 6 0
4 4000 (2500-1000) =1500 4 6000
1500 4 6000
4500 5.5 24750
(4500-3000) = 1500 5.5 8250
5.5 16500
1500 4 6000

- ₹ 14250/- @1500 units per 4 each and 1500 units per 5.50 each