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Hi sir
I don’t know you very well as I’m a student from Iran and this is my first exam that I’m going to pass tomorrow which is actually F3 and also I should mention that I’ve read your lecture and that was amazing for me.
Now I’m confuse about:
_Books of prime entry
_Ledger
_Ledger control account
I don’t know exactly, in what manner we should record our transactions in these books!
And if we have disagreement between for example Ledger and Control Account what should we do??
And also when we need an adjustment and when we need suspense account?! because I know there are some errors that do not need suspense account.bests
Although the exam can test that you know what the Books of Prime Entry are, it cannot ask you to make entries in the books.
With regard to difference between the ledgers and control accounts, this certainly can be tested. However I show how to deal with this in my lectures on control accounts and I cannot type out all the lecture here.
As far as the suspense account is concerned, entries in the suspense account are only needed if the debit does not equal the credit. If the amount of the debit equals the amount of the credit, then it does not affect the suspense account (even if the entries are in the wrong accounts).
I hope the exam goes well for you tomorrow.
Thanks to your help sir
I’ve passed my exam with 68mark
I’ll be ready for F2 exam in 3 month and I’ll watch all your lectures.
thanks again
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