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Suspense account

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FA – FIA FFA › Suspense account

  • This topic has 1 reply, 2 voices, and was last updated 9 years ago by John Moffat.
Viewing 2 posts - 1 through 2 (of 2 total)
  • Author
    Posts
  • January 20, 2016 at 4:03 pm #296712
    Abror
    Member
    • Topics: 75
    • Replies: 38
    • ☆☆

    How should I interpret this sentence?
    A discount of $50 given to a customer had been credited to discounts received.
    I would assume that debit side has been entered correctly…That’s why it doesn’t require any change to suspense account…

    January 20, 2016 at 4:18 pm #296731
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 54702
    • ☆☆☆☆☆

    Yes it does.

    If you give a discount then you should debit discounts allowed!! (Not credit discounts received).

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