• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
Free ACCA & CIMA online courses from OpenTuition

Free ACCA & CIMA online courses from OpenTuition

Free Notes, Lectures, Tests and Forums for ACCA and CIMA exams

  • ACCA
  • CIMA
  • FIA
  • OBU
  • Books
  • Forums
  • Ask AI
  • Search
  • Register
  • Login
  • ACCA Forums
  • Ask ACCA Tutor
  • CIMA Forums
  • Ask CIMA Tutor
  • FIA
  • OBU
  • Buy/Sell Books
  • All Forums
  • Latest Topics

20% off ACCA & CIMA Books

OpenTuition recommends the new interactive BPP books for September 2025 exams.
Get your discount code >>

Suspense A/c

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FA – FIA FFA › Suspense A/c

  • This topic has 3 replies, 2 voices, and was last updated 4 years ago by John Moffat.
Viewing 4 posts - 1 through 4 (of 4 total)
  • Author
    Posts
  • January 19, 2021 at 2:25 pm #607175
    lokeshdh00
    Participant
    • Topics: 133
    • Replies: 130
    • ☆☆☆

    Sir, I was a bit confused wondering what might be journal entry for opening balance (Bal. B/F) in any account.

    Also what would be correcting entry if, Opening balance is not brought forward?

    Thank You

    January 19, 2021 at 4:20 pm #607189
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 54701
    • ☆☆☆☆☆

    If an opening balance has not been brought forward then the trial balance will not balance, so we will open a suspense account.

    When we correct the mistake by bringing in the opening balance, then if the opening balance should be a debit then we debit the relevant account and credit the suspense account, whereas is the opening balance should be a credit then we credit the relevant account and debit the suspense account.

    Have you watched my free lectures on suspense accounts? The lectures are a complete free course for Paper FA and cover everything needed to be able to pass the exam well.

    January 19, 2021 at 6:46 pm #607206
    lokeshdh00
    Participant
    • Topics: 133
    • Replies: 130
    • ☆☆☆

    Hi sir, How are you ?

    I was very curious about Treatment of discount allowed in SOPL while preparing A full Statement for overall practice in all adjustments.

    I know discount received I reduced from purchase and then we calculate Cost of goods sold. But I was wondering about Discount allowed , If it reduced from Revenue ?

    January 20, 2021 at 8:51 am #607245
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 54701
    • ☆☆☆☆☆

    In future you must start a new thread when you are asking about a different topic. Discounts have nothing to do with suspense accounts.

    For sales, the ‘rule’ changed with IFRS 15 and the sale is recorded net of the discount.

    This is explained in Chapter 19 of our free lecture notes and the free lectures that work through this chapter.

  • Author
    Posts
Viewing 4 posts - 1 through 4 (of 4 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

ACCA News:

ACCA My Exam Performance for non-variant

Applied Skills exams is available NOW

ACCA Options:  “Read the Mind of the Marker” articles

Subscribe to ACCA’s Student Accountant Direct

ACCA CBE 2025 Exams

How was your exam, and what was the exam result?

BT CBE exam was.. | MA CBE exam was..
FA CBE exam was.. | LW CBE exam was..

Donate

If you have benefited from OpenTuition please donate.

PQ Magazine

Latest Comments

  • RashidMh on MA Chapter 1 Questions Accounting for Management
  • John Moffat on Relevant Cash Flows for DCF Relevant Costs (example 1) – ACCA Financial Management (FM)
  • John Moffat on Accounting for Management – ACCA Management Accounting (MA)
  • Hsaini on Accounting for Management – ACCA Management Accounting (MA)
  • kennedyavege@2023 on Relevant Cash Flows for DCF Relevant Costs (example 1) – ACCA Financial Management (FM)

Copyright © 2025 · Support · Contact · Advertising · OpenLicense · About · Sitemap · Comments · Log in