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For 19.3
The answer in the book I don’t really understand how they arrive at that.The question is:
A year end journal to clear the suspense account is given below.Task 1
Prepare the double entry by selecting the correct option for each row. (Use the information given under Task 2 to help you.)
Issued share capital
Credit
Debit
Neither DEBIT nor CREDIT
Share premium
?
?
Bank
Plant and equipment – cost
Plant and equipment disposal account
Suspense account
(4 marks)
I debited both share capital and the share premium. I got Plant and equipment- cost and disposal account missed up. And I put suspense account as a debit. Please explain what I did wrong
I think that my previous reply to a question about this (see the link below) should solve your problem for you 🙂
https://opentuition.com/topic/part-f-preparing-basic-financial-statements-question-19-shuswap/
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