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Questions on Valuation of Materials:1. Form the following particulars of the month June prepare a Store Ledger Account by adopting Simple Average Method :

June 1

Received 400 units @ Rs. 5 each vide Inv No. 009

June 11

Issued 200 units vide Req no. 011

June 23 Received 600 units @ Rs. 6 each vide Inv No. 023

June 25

Issued 400 units vide Req No. 025

June 27

Received 200 units @ Rs. 8 each vide Inv No. 027

June 28

Issued 400 units vide Req No. 030

2. The following transactions took place in respect of a materials item :

Date

Receipts Qty.

Rate

Issue Qty

March 2200

2.00

--

March 8300

2.40

--

March 15--

--

250

March 18250

2.60

--

March 20--

--

200

Prepare a Store Ledger Account, pricing the issue at Weighted Average Rate.

3. Record the following transactions in the Store Ledger Account of X ltd.

15.01.09Receipt 250 units costing Rs. 312.50

21.02.09Receipt 100 units costing Rs. 130

24.03.09Receipt 50 units costing Rs. 67.50

05.04.09Issue 55 units

19.04.09Receipt 50 units costing Rs 700

25.04.09Issue 300 units

03.05.09Issue 40 units

The issue on 05.04.09 and 25.04.09 were priced at LIFO and FIFO basis respectively as from 01.05.09 it was decided to price the issue at weighted Average price.

4. Show the Store Ledger Account of X material issued on Last In First Out Method from the following:

July 1

Balance 200 kg. @ Rs. 5 each

July 6

Issues 150 Kg.

July 15

Receipts 100 Kg. @ Rs. 5.25 each

July 30

Issues 100 Kg.

Aug 8

Receipts 400 kg. @ Rs 5.50 each

Aug 10

Issues 200 Kg.

Aug 30

Issues 100 Kg.

Sept 10

Receipts 200 Kg. @ Rs. 6 each

Sept 30

Issues 250 kg.

5 Kg. of material purchased on 15th July were found to be defective and returned to vendor on 2nd Aug. 2 Kg. were found to be surplus on checking on 30th Sept. due to short weighing of material issued.

5. From the following information show the Store Ledger Account of material issued on First in First Out Method.Oct 1

Opening Balance 500 units @ Rs. 25 each

Oct 3

Issue 250 units

Oct 13

Received from supplier 200 units @ Rs. 24.50 per unit

Oct 16

Issue 180 units

Oct 20

Received from the supplier 240 units @ Rs. 24.75 per unit

Oct 26

Issue 115 units.

This revealed that on 15th October there was a shortage of 5 units and another on 27th October of 8 units


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