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?
Ask the Tutor ACCA FR
S/D 2018
Hi,
It means that there was no credit entry to equity and was instead posted to the suspense account.
Thanks
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