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Suspense a/c

This topic has 3 replies, 2 voices, and was last updated 9 years ago by John Moffat.

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June 15, 2016 at 7:15 pm #323105
fizzasherif
Member
- Topics: 1
- Replies: 1
Hello Sir, what is the correction entry for Cashbook undercast by $1000?
June 16, 2016 at 5:10 pm #323178
John Moffat
Keymaster
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You really do need to watch my free lectures on books of prime entry, and on suspense accounts.!
We need to debit cash by 1,000 and credit suspense account with 1,000.
Our lectures are a complete free course for Paper F3 and cover everything needed to be able to pass the exam well.
June 17, 2016 at 7:58 am #323249
fizzasherif
Member
- Topics: 1
- Replies: 1
okay sir, how about omission of petty cash balance in trial balance?
June 17, 2016 at 5:01 pm #323296
John Moffat
Keymaster
- Topics: 57
- Replies: 54835
You debit petty cash and credit the suspense account.
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