- This topic has 2 replies, 2 voices, and was last updated 8 years ago by
.
Viewing 3 posts - 1 through 3 (of 3 total)
- Posts
I had this error but I dont understand why could you help
Stationery costing $10,000 has been included as closing inventory of raw materials, instead of stationary expense
And then could you explain for me why the petty cash book balance if it’s omitted from trial balance then we have to open the suspense account to correct?
Have you watched all off the free lectures??
First question: Inventory appears on the SOFP as an asset, not as an expense. Expenses appear in the SOPL.
Second question: if a balance is missed off the trial balance then the trial balance will not balance, and therefore a suspense account is needed.
Viewing 3 posts - 1 through 3 (of 3 total)
- You must be logged in to reply to this topic.