Phylis Ltd has the following transactions in respect of its goods during Dec 2015. Opening stock 78 units @ GH¢25 Dec 5 bought 250 units @ GH¢24 Dec 10 sold 175 units @ GH¢95 Dec 11 bought 140 units @ GH¢26 Dec 12 sold 200 units @ GH¢48 Dec 15 paid for printing GH¢7,200 Dec 16 bought 400 units @ GH¢20 Dec 22 sold 140 units @ GH¢85 Dec 22 commission to sales Executives GH¢ 20,000 Dec 23 sold 155 units @ GH¢40 Additional information; 1. The cost of carrying a unit material inwards was agreed at GH¢1.5 2. Out of the general administrative expenses of GH¢15,200 only GH¢3,700 had been paid during December. 3. The goods sold on December 23rd only 20% has been collected by the company as at close of the year-month 4. The outstanding balance of GH¢7,100 was paid on the 20th January 2021 You are required to: a. Write up the stores ledger card using the weighted average method of stock valuation.
Phylis Ltd has the following transactions in respect of its goods during Dec 2015. Opening stock 78 units @ GH¢25
|
Dec 5 |
bought 250 units @ GH¢24 |
|
Dec 10 |
sold 175 units @ GH¢95 |
|
Dec 11 |
bought 140 units @ GH¢26 |
|
Dec 12 |
sold 200 units @ GH¢48 |
|
Dec 15 |
paid for printing GH¢7,200 |
|
Dec 16 |
bought 400 units @ GH¢20 |
|
Dec 22 |
sold 140 units @ GH¢85 |
|
Dec 22 |
commission to sales Executives GH¢ 20,000 |
|
Dec 23 |
sold 155 units @ GH¢40 |
Additional information;
1. The cost of carrying a unit material inwards was agreed at GH¢1.5
2. Out of the general administrative expenses of GH¢15,200 only GH¢3,700 had been paid during December.
3. The goods sold on December 23rd only 20% has been collected by the company as at close of the year-month
4. The outstanding balance of GH¢7,100 was paid on the 20th January 2021
You are required to:
a. Write up the stores ledger card using the weighted average method of stock valuation.
b. Prepare trading,
c. Show the balance sheet extract as of 31/12/2020
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