Inventory Ledger Account Exercise

by Manish Vyas
(Jaipur (Rajasthan))

Below is the records of receipts and issues of a certain material in a factory for the month ending 30th September, 2008.


Receipts:
Sept. 1- opening Balance 100 Tonnes @Rs. 10
10- 150 tonnes @ rs. 12
25- 180 tonnes @ rs. 15

Issues:
Sept. 3- 50 tonnes
18- 80 tonnes
27- 250 tonnes

The stock verifier reveals a shortage of 10 tonnes on 30th September 2008.

Required:
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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