Correction of errorsForums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FA – FIA FFA › Correction of errorsThis topic has 1 reply, 2 voices, and was last updated 8 years ago by John Moffat.Viewing 2 posts - 1 through 2 (of 2 total)AuthorPosts May 4, 2016 at 1:25 pm #313680 abrizni10MemberTopics: 55Replies: 49☆☆A non current asset with a carrying value of $ 7890 was disposed of for $9000. The only accounting entry was to debit cashI credited suspence account and debited cash account 9000But I’m wrong again 🙁 The book had debited suspence account and credited disposal? May 4, 2016 at 5:38 pm #313701 John MoffatKeymasterTopics: 57Replies: 54439☆☆☆☆☆The book is correct.When they dispose of an asset they should debit cash and credit disposal account.They did debit cash, so that is OK, but they did not credit anywhere.So to make it correct they need to credit the disposal account and debit the suspense account.AuthorPostsViewing 2 posts - 1 through 2 (of 2 total)You must be logged in to reply to this topic.Log In Username: Password: Keep me signed in Log In