banner_ad

Need help from all....Preparing for CPT on my own..

CPT 653 views 1 replies

The LIFO method is only briefly exaplined in the Textbook without even one solved problem. Please explain the following problem using the 'Stock Ledger' format.


Date                            Receipts (Units)            Price per unit (Rs.)           Issues (Units)

01.12.2005                 2000 (Opening)                                      5 00             

07.12.2005                 1000                                                         6.00

10.12.2005                         -                                                               -                       2500

15.12.2005                 2000                                                          6.50

31.12.2005                         -                                                               -                       2200 

On 31.12.2005, a shortage of 100 units was found.

(i) Find the value of closing stock using LIFO principle.

    (a)  Rs.1900           (b)  Rs.2400         (c)  Rs.2000         (d)  Rs.1000

(ii) Using the data given in problem, the value of assets in the month of December 2005 using LIFO principle.

    (a)  Rs.35000         (b)  Rs.28000      (c)  Rs.20000       (d)  Rs.65000

(iii) Using the data given in problem, the value of closing stock using simple average principle.

    (a)  Rs.950       (b)  Rs.875      (c)  Rs.1000       (d)  Rs.1300       (e)  Rs.750

(iv) Using the data given in problem, the value of issues in the month of December 2005 using simple average method.

    (a)  Rs.15385         (b)  Rs.21675      (c)  Rs.19750       (d)  Rs.28125

 

Thanks in advance,

Rat65

Replies (1)

HELLO FRND! WELL IF U DON'T MIND,I'D RECOMMEND TO LEAVE THIS PROBLEM AND FOCUS ON THE CONCEPT,THATS MORE IMPO. SEE ITS CPT LEVEL,THE QUES. WOULD NOT BE THAT LENGTHY.....................AND MOREOVER NO ONE WILL FIND TIME TO SOLVE IT........................AGREE???


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
14 May 2026
Senior Associate

ABHISHEK SHANKAR AGARWAL & ASSOCIATES

Kolkata

CA

View Details
Company
21 May 2026
Associate

PWC

Kolkata

CA

View Details
Company
26 May 2026
Audit executive

vdsr & co LLP

Chennai

CA Inter

View Details
Company
ARTICLESHIP 04 June 2026
Article

Rakhecha & Co.

New Delhi

CA Inter

View Details
Company
29 May 2026
Company Secretary - Part time

Shaswat initial support private limited

Ahmedabad

CS

View Details
Company
Featured 28 May 2026
SEMI QUALIFIED/ CA DROPOUTS/ ARTICLES

T R SOOD & CO

New Delhi

CA Inter

View Details
Company
22 May 2026
Sr. Financial Analyst - Consolidation

Search Synergy

Mumbai

CA

View Details
Company
22 May 2026
Audit assistant

Displayandbeyond

Mumbai

CA

View Details