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S/D 2018

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FR Exams › S/D 2018

  • This topic has 1 reply, 2 voices, and was last updated 6 years ago by P2-D2.
Viewing 2 posts - 1 through 2 (of 2 total)
  • Author
    Posts
  • May 29, 2019 at 10:29 pm #517876
    maxpopper
    Member
    • Topics: 177
    • Replies: 132
    • ☆☆☆

    Sir there is a question named duggan co
    In its 7th adjustment which says that On 1 November 20X7, Duggan Co issued 1·5 million shares at their full market price of $2·20. The proceeds were credited to a suspense account

    Here the entry which was supposed to be passed was
    Dr bank 3300
    Cr sharecapital 1500
    Cr share premium 1800

    When the question says that The proceeds were credited to a suspense account, so here does it mean that they have not debited bank or does it mean that they have not credited sharecapital and share premium?

    June 3, 2019 at 7:23 pm #518620
    P2-D2
    Keymaster
    • Topics: 4
    • Replies: 7212
    • ☆☆☆☆☆

    Hi,

    It means that there was no credit entry to equity and was instead posted to the suspense account.

    Thanks

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