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Accrual

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FA – FIA FFA › Accrual

  • This topic has 1 reply, 2 voices, and was last updated 9 years ago by John Moffat.
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  • December 6, 2015 at 8:52 am #288129
    Quốc Anh
    Participant
    • Topics: 41
    • Replies: 23
    • ☆☆

    Please help me this question because I have some things misunderstanding

    At the 31 March 20X2 a company had oil in hand to be used for heating costing $8,200 and an unpaid heating oil bill for $3,600

    At 31 March 20X3 the heating oil in hand was $9,300 and there was outstanding heating oil bill of $3,200
    Payments made for oil during year ended March 20X3 totalled $34,600
    Based on these figures, what amount should appear in statement of profit or loss and other comprehensive income for the year?

    I worked:

    Because oil was used for the opening $8,200 that makes the increase in oil expense…
    Unpaid $3,600 will be reverse that makes decrease in oil expense
    Outstanding bill will be a accrual cost and make the increse in expense
    Payments will debit in oil expense correspondenly to cash…etc
    I dont understand heating oil cost was 9,300? Will it account for in oil expense make that account increase or decrese…can you help me?

    December 6, 2015 at 2:40 pm #288212
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 54705
    • ☆☆☆☆☆

    The oil purchases during the year = 34,600 – 3,600 + 3,200.

    When you have calculated how much oil was purchases, then the oil actually used during the year (and therefore the expense) = opening inventory + purchases – closing inventory.

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