Accrual and prepayment

This topic has 1 reply, 2 voices, and was last updated 4 years ago by John Moffat.

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September 18, 2021 at 4:11 pm #635984
Ashutosh770
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BPP
Question no 10.3
– where would 8200 heating cost be applied and i dont know how to calculate the answer ,sir
could you explain the answer
September 19, 2021 at 9:07 am #636003
John Moffat
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- Topics: 57
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The $8,200 is the inventory of heating oil at the start of the year.
The cost of oil used during the year is the opening inventory plus the cost of the oil purchased during the year less the closing inventory.
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