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so my answer is correct? we have to minus the total expense of 2482 from the total receivables of 80 000 ?
sir so the answer is:
1. Dr suspense 900
Cr sales 900
2. Dr suspense 9900
Cr receivable 9900
difference between debit and credit = 836200 – 824700 = 11500 DRSo shouldnt it be 11500 DR + DR Suspense 900 + DR suspense 9900 = 22300 DR??
why is the answer 1500 CR?sir i dont understand what does debit balance and credit balance mean. so debit balance = debit higher than credit; credit balance = credit higher than debit?
also sir for this question, I cant find it in the revision kit. is the answer C? (iii) only ?
can i also ask, “return inwards were included on the credit side of the trial balance” i dont understand this statement at all. what do you mean by included on the credit side? I have watched your lectures but maybe i missed this part. I hope you can explain like how you did previously for discount received. It helped me a lot.
Dear John, I have read the posts above because I have problems with the same question:
The cash book shows a bank balance of $5,675 overdrawn at 31 August 20X5. It is subsequently discovered that a standing order for $125 has been entered twice, and that a dishonored cheque for $450 has been debited in the cash book instead of credited.
you explained that the answer is 5675 – 125 +900 = 6450
1. why is the overdraft which is 5675 a positive figure
2. why is the dishonored cheque added instead of subtracting it since we need to reduce the amount as it is dishonored.I have watched the videos. I still don’t understand. Hope you can help me out.
okay. but can you explain the options A B C D one by one ? especially like what are the double entries …. because i really not sure how to do it and what they are. thank you.
but mr john, can you just explain, when a customer ( eg. A turner) receive money are we supposed to credit or debit his account ? (for A and B)
