NEB Grade 12 Account Question Paper
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| Class 12 Account Important Question 2080 |
STORE LEDGER UNDER LIFO METHOD
1. The store transactions are given below for the month of Poush:
[2+2+1]
Poush 1 Opening balance 1200 units @Rs.6 each
Poush 5 Purchase 2000 units @Rs. 7 each
Poush 8 Issued 2000 units
Poush 12 Purchase 800 units @ Rs.8 each
Poush 20 Issued 700 units
Poush 22 Return from department 100 units @Rs. 8 each
Poush 25 Issued 500 units
Required: Stores ledger under the LIFO Method.
Ans: Closing stock: 900 units @Rs. 6
2. The transactions relating to a company's materials for the month of Chaitra are as follows.
[5]
Chaitra 1 Opening stock 500 units @Rs.10 per unit
Chaitra 5 Purchases 600 units @Rs.12 per unit
Chaitra 10 Issued 900 units
Chaitra 15 Return from factory 50 units
Chaitra 20 Purchases 1000 units @Rs.11 per unit
Chaitra 25 Issued 1100 units
27 Chaitra Shortage on stock verification 20 units
Required: Store ledger under the LIFO method.
Ans: Closing Stock: 130 units @ Rs. 10
3. The given data are the Store transactions of a Limited Company for the month of Baishakh 2072
Baisakh 1 Opening stock 5000 kg @ Rs. 100 per kg
Baisakh 5 Purchased 2000 kg @Rs. 150 per kg
Baisakh 7 Issued 4000 kgs
Baisakh 20 Purchased 1,000 kgs @Rs. 200 per kg
Baisakh 25 Issued 2000 kgs
Baisakh 26 Returned to store 50 kgs
Required: Store ledger under the LIFO method.
Ans: Closing Stock: 2,000 kg @ Rs. 100 and 50 kg @Rs. 100
4. Information regarding materials transactions during the month of Jestha 2068 is given below.
[2+2+1]
Jestha 1 Opening balance 1000 units @Rs. 10
Jestha 5 Issued 300 units
Jestha 8 Purchased 400 units @12
Jestha 10 Issued 400 units
Jestha 12 Purchased 200 units @ 11
Jestha 13 Return to store 50 units issued from 8th Jestha
Jestha 18 Purchased 200 units @ 10
Jestha 25 Issued 600 units
Jestha 30 Shortage on verification 20 units
Required: Store ledger under the LIFO method
Ans: Closing stock: 530 units @Rs. 10
5. The given below are store transactions of a limited company for the month of Shrawan 2068.
[2+2+1]
Shrawan 1 Opening Stock 2,000 units @Rs. 60
Shrawan 4 Purchased 1,000 units @Rs. 65
Shrawan 10 Purchased 500 units @Rs. 70
Shrawan 15 Issued 600 units
Shrawan 21 Issued 100 units
Shrawan 25 Received from work order 30 units
Shrawan 29 Stock verification loss 10 units
Required: Stores ledger under the LIFO method.
Ans: Closing stock: 2,000 units @Rs. 60 and 820 units @ Rs. 65
6. Following are the stock transactions of a company given below:
[2+2+1]
Ashad 1 Balance 1000 units @ Rs. 4 each.
Ashad 5 Purchased 500 units @Rs. 5 each
Ashad 8 Issued 1300 units
Ashad 18 Purchased 800 units @Rs. 7 each
Ashad 20 Return to Creditors 100 units of Ashad 18 purchased
Ashad 25 Issued 700 units
Ashad 30 Return from work order 100 units
Required: Store ledger under the LIFO method.
Ans: Closing stock: 200 units @ Rs. 4 and 100 units @ Rs. 7