Inventory Ledger Account Exercise
by Manish Vyas
Below is the records of receipts and issues of a certain material in a factory for the month ending 30th September, 2008.
Sept. 1- opening Balance 100 Tonnes @Rs. 10
10- 150 tonnes @ rs. 12
25- 180 tonnes @ rs. 15
Sept. 3- 50 tonnes
18- 80 tonnes
27- 250 tonnes
The stock verifier reveals a shortage of 10 tonnes on 30th September 2008.
Prepare a Stores ledger account adopting weighted average as the basis and inflating the price of material in stock on account of shortage.
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