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Fuel is raw material

kentbarnett (kentbarnett) (21 Points)

25 September 2021  
I would like to know under what circumstances is a fuel (such as diesel) acceptable as a raw material..? ..and if then please illustrate it.

 1 Replies

Rama chary Rachakonda (Master in Accounts & Lawyer email ID:ramachary64@gmail.com voice no:9989324294)   (2905 Points)
Replied 26 September 2021

when we use fuel in factories for production of goods comes under raw materials. Raw materials are usually recorded on a balance sheet as an inventory asset. When recording raw materials, a debit is made to the raw materials inventory account, while a credit is made to the accounts payable account.

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