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Sir, in the suspense account, if the examiner gives us a figure and it says that it was incorrectly entered in a wrong account but there were double entries, do we ignore it because it doesn’t affect the suspense account?
Assuming that there was a debit and an equal credit, then the suspense account is not affected.
Obviously, if one of the entries was to a wrong account, then it will need correcting, but again it will not affect the suspense account.Is it possible sir if you can tell me which accounts will affect the suspense account and which one won’t? Atleast the basic ones..
A balance only arises in the suspense account when a mistake has been made in the double entry. The mistake can occur in any of the t-accounts – it is not the case that some accounts affect it and some don’t! Any of them can.
You really should watch my free lecture on suspense accounts.
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