Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FA – FIA FFA › Trial balance and suspance a/c issue…..
- This topic has 3 replies, 2 voices, and was last updated 7 years ago by John Moffat.
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- September 27, 2016 at 11:16 am #341867
Closed off ledger accounts……
$
Sales 78612Trade Payables 36701
Purchases 55692
Non-current asset 69175
Returned Inward 2461
Capital 60414
Drawings 22188
Inventory 14022
Cash at bank 16866
What is the balance on suspense account ?
Will be Debit or Credit ?
September 27, 2016 at 11:42 am #341879It will be a debit because currently the total debits are less than the total credits.
Why are you attempting a question for which you do not have a printed answer?!!
September 27, 2016 at 12:24 pm #341882Then the balance will be A or B
A: $245 Dr
B: $4677 Dr
C: $4677 Cr
D: $245 Cr
September 28, 2016 at 3:28 am #341921That is true – that answer will be A or B.
It is whichever is equal to the difference between the total of all the debit balances and the total of all the credit balances.
I ask again, why are you attempting questions for which you do not have the answers? If you want to be sure of passing the exam then you must buy a Revision Kit from one of the ACCA approved publishers – they contain lots of exam standard questions together with answers and workings. Question practice is vital to passing the exam.
(And have you watched my free lectures on suspense accounts? The lectures are a complete free course for Paper F3 and cover everything needed to be able to pass the exam well.)
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