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Journal entry confusion

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AFM Exams › Journal entry confusion

  • This topic has 1 reply, 2 voices, and was last updated 3 years ago by John Moffat.
Viewing 2 posts - 1 through 2 (of 2 total)
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  • September 24, 2021 at 4:36 pm #636414
    Candy
    Member
    • Topics: 135
    • Replies: 79
    • ☆☆☆

    I believe I understand Dr/Cr.

    My confusion arises with a reversal journal.

    If I had to make a reversing journal at year end, but then found an error in the next month upon review, how does one rectify?

    Initially i thought to post a reversing journal in the next period, but this might not be necessary if the journal simply reversed back anyway?

    I get very lost here, is there an easy way to get a better understanding of journal entries and reversal journal entries, especially if a mistake is made during the original posting of a reversal journal?

    Thank you

    September 25, 2021 at 10:46 am #636457
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 54655
    • ☆☆☆☆☆

    This is not relevant for Paper AFM. I suggest that you watch the free lectures for Paper FA where all this is dealt with.

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  • The topic ‘Journal entry confusion’ is closed to new replies.

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