The following transactions were taken from the store for the month of poush: Poush 1): Opening balance: 400 units for Rs.2000 Poush 3): Purchase: 600 units @ Rs.6 each Poush 6): Issued: 800 units…

Store Ledger under FIFO Method

Step-by-Step Calculation:

1. Opening Balance (Poush 1):

   • Quantity: 400 units
   • Rate: Rs. 5 per unit (since Rs. 2000 / 400 = Rs. 5)
   • Amount: Rs. 2000

2. Purchase (Poush 3):

   • Quantity: 600 units
   • Rate: Rs. 6 per unit
   • Amount: Rs. 3600
   • Total Balance: 1000 units (400 + 600)
   • Total Amount: Rs. 5600 (2000 + 3600)

3. Issued (Poush 6):

   • Quantity: 800 units
   • Calculation:
     • First, issue 400 units @ Rs. 5 = Rs. 2000
     • Remaining 400 units @ Rs. 6 = Rs. 2400
     • Total Issued Amount: Rs. 4400
   • Remaining Balance: 200 units @ Rs. 6 = Rs. 1200

4. Return from Department (Poush 15):

   • Quantity: 70 units
   • Rate: Rs. 6 (since last issued rate was Rs. 6)
   • Amount: Rs. 420
   • Total Balance: 270 units (200 + 70)
   • Total Amount: Rs. 1620 (1200 + 420)

5. Purchase (Poush 22):

   • Quantity: 800 units
   • Rate: Rs. 7 per unit
   • Amount: Rs. 5600
   • Total Balance: 1070 units (270 + 800)
   • Total Amount: Rs. 7220 (1620 + 5600)

6. Issued (Poush 25):

   • Quantity: 830 units
   • Calculation:
     • First, issue 270 units @ Rs. 6 = Rs. 1620
     • Remaining 560 units @ Rs. 7 = Rs. 3920
     • Total Issued Amount: Rs. 5540
   • Remaining Balance: 40 units @ Rs. 7 = Rs. 280

7. Store Verification Surplus (Poush 28):

   • Quantity: 10 units
   • Rate: Rs. 6 (since last issued rate was Rs. 6)
   • Amount: Rs. 60
   • Final Balance: 10 units @ Rs. 6 = Rs. 60

Final Store Ledger Summary:

• Total Issued Amount: Rs. 9940 (4400 + 5540)
• Final Closing Balance: 10 units @ Rs. 6 = Rs. 60