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Returned to supplier? (Accounting for materials)

Forums › ACCA Forums › ACCA MA Management Accounting Forums › Returned to supplier? (Accounting for materials)

  • This topic has 2 replies, 2 voices, and was last updated 5 years ago by minhhanghvtc.
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  • June 30, 2020 at 1:17 pm #575439
    safwanstark91
    Member
    • Topics: 1
    • Replies: 1
    • ☆

    I came across a question in kaplan revision kit for MA where i am supposed to calculate closing balance for materials inventory account:

    Opening balance 15,000
    Materials purchased 176,000
    Issued to production 165,000
    Materials written off 4,000
    Returned to supplier 8,000
    Returned to stores 9,000

    The answer is 23,000 and returns to supplier is added but returns to store is deducted, why?

    June 30, 2020 at 1:21 pm #575442
    safwanstark91
    Member
    • Topics: 1
    • Replies: 1
    • ☆

    Sorry i meant return to store is added and return to supplier is deducted

    July 1, 2020 at 2:17 am #575572
    minhhanghvtc
    Participant
    • Topics: 5
    • Replies: 8
    • ☆

    because those returned to stores materials were issued to production but for some reasons they are sent back to the stores so they are added to closing balance

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