• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
OpenTuition | ACCA | CIMA

OpenTuition | ACCA | CIMA

Free ACCA and CIMA on line courses | Free ACCA, CIMA, FIA Notes, Lectures, Tests and Forums

  • ACCA
  • CIMA
  • FIA
  • OBU
  • Forums
  • Search
  • Register
  • Login
  • Latest
  • ACCA
  • Ask ACCA Tutor
  • OBU
  • CIMA
  • Ask CIMA Tutor
  • FIA
  • Buy/Sell
  • Qualified
  • Forum Rules

Remote session ACCA CBE 1-5 March 2021

Please read advice/recommendations from ACCA

Suspense

Forums › FIA Forums › FA2 Maintaining Financial Records Forums › Suspense

  • This topic has 6 replies, 3 voices, and was last updated 6 months ago by Ken Garrett.
Viewing 7 posts - 1 through 7 (of 7 total)
  • Author
    Posts
  • September 6, 2017 at 10:44 pm #406242
    dilawarkhandk
    • Topics: 21
    • Replies: 28
    • ☆

    Why a suspense account is SOFP account???
    And How we present it in the final accounts if all errors does not identified and corrected??

    September 6, 2017 at 11:10 pm #406244
    dilawarkhandk
    • Topics: 21
    • Replies: 28
    • ☆

    Q#3 in text book written that (…in the books of prime entry the analysis columns of discount allowed, discount received, and sales tax are memorandum columns and they are not part of double entry) how this is right.???
    We know that these all are part of double entry then how they are memorandum columns?

    September 7, 2017 at 5:49 pm #406469
    Ken Garrett
    Keymaster
    • Topics: 9
    • Replies: 9033
    • ☆☆☆☆☆

    The books of prime entry for sales and purchases is the sales day book and purchases day book and neither of these is part of the double entry system – they are just lists from which posting are made.

    I’m sorry, but I don’t really understand what your text book is trying to say.

    September 7, 2017 at 5:57 pm #406479
    Ken Garrett
    Keymaster
    • Topics: 9
    • Replies: 9033
    • ☆☆☆☆☆

    It is an SOFP amount because that way the error is not forgotten about and it will be carried forward to the following period. If it went to P&L it would simply disappear in the net profit.

    No proper accountant would be willing to show a suspense amount in the final set of accounts. It is evidence that the accounts are wrong and the accountant is incompetent. Small amounts might be written off to P&L but most auditors would be reluctant yo let that pass.

    September 7, 2017 at 8:38 pm #406587
    dilawarkhandk
    • Topics: 21
    • Replies: 28
    • ☆

    Thanks

    August 20, 2020 at 10:15 am #581269
    masaeel
    • Topics: 0
    • Replies: 1
    • ☆

    how to learn suspense account completely from basic, i have many problem with this.????

    August 20, 2020 at 1:36 pm #581283
    Ken Garrett
    Keymaster
    • Topics: 9
    • Replies: 9033
    • ☆☆☆☆☆

    Our FA2 notes, Chapter 9 covers suspense accounts in some detail.

  • Author
    Posts
Viewing 7 posts - 1 through 7 (of 7 total)
  • You must be logged in to reply to this topic.
Log In

Primary Sidebar

Donate

If you have benefited from our materials please donate

Donate now

You can also "donate your time" and help out other students on the Students Forums

Specially for OpenTuition students

20% off ACCA Books

Get BPP Discount Code

Latest comments

  • Ken Garrett on CIMA E2 Chapter 8 Test
  • John Moffat on FM Chapter 12 Questions – Sources of finance – debt
  • brianaylwinonline@gmail.com on The Finance Function in the Digital Age – CIMA E1
  • pawelski on CIMA E2 Chapter 8 Test
  • vburton on Company Law: Illegalities – Wrongful Trading – Money Laundering – Insider Dealing – ACCA LW Global

Copyright © 2021 · Support · Contact · Advertising · OpenLicense · About · Sitemap · Comments · Log in


We use cookies to show you relevant advertising, find out more: Privacy Policy · Cookie Policy