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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 ?
It 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?!!
That 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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