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Q4. Answer the following: 4A. From the following ratios and information given below,...

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Accounting

Q4. Answer the following:
4A. From the following ratios and information given below, prepare Trading Account, Profit and
Loss Account and Balance Sheet of the ABC Lid. Company:
4B. Fixed Assets / Total Current Assets 5/7
on ApZ Carpets sold 190 carpets during the year at Rs.3400 each. It had a beginning inventory
during 1,202 of 20 carpets at a cost of Rs.2300 each. The following purchases were made
May 20X2,40, carpets at Rs.2400 each
July 20X2,50 carpets at Rs.2500 each
September 20X2,60 carpets at Rs.2700 each
February 20X3,30 carpets at Rs.2800 each
The company incurred operating expenses of Rs.58000 during the year. It uses the periodic
inventory system.
You are required to:
I. Prepare a schedule to compute the cost of goods available for sale during the year.
II. Prepare the ending inventory on March 31,20x3 using LIFO and FIFO method.
III. Prepare a statement of Profit and Loss under each of above inventory costing methods.
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