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suspense account

Forums › ACCA Forums › ACCA FA Financial Accounting Forums › suspense account

  • This topic has 4 replies, 5 voices, and was last updated 5 years ago by secondstar.
Viewing 5 posts - 1 through 5 (of 5 total)
  • Author
    Posts
  • April 20, 2016 at 5:33 pm #311934
    sarveshphrboy
    Member
    • Topics: 2
    • Replies: 0
    • ☆

    what is the double entry for director’s bonus

    June 18, 2016 at 9:10 am #323371
    wagacira1
    Member
    • Topics: 0
    • Replies: 2
    • ☆

    this is an add back , a dis-allowable expense for taxation hence should be to the salary control as non salary cash benefit/expense

    June 18, 2016 at 4:13 pm #323394
    John Moffat
    Keymaster
    • Topics: 56
    • Replies: 51599
    • ☆☆☆☆☆

    wagacira1: Tax is completely irrelevant for Paper F3!

    sarveshphrboy:

    If it has been paid then Credit cash; Debit Directors remuneration expense
    It (as is more likely) it has not yet been paid, then Credit Directors current accounts (which is a current liability); Debit Directors remuneration expense.

    December 8, 2017 at 8:05 pm #422085
    sidishah
    Member
    • Topics: 34
    • Replies: 74
    • ☆☆

    sir if they say directors bonus transferred to their accounts what journal entries would be required

    December 8, 2017 at 8:12 pm #422087
    secondstar
    Member
    • Topics: 16
    • Replies: 220
    • ☆☆☆

    @sidishah said:
    sir if they say directors bonus transferred to their accounts what journal entries would be required

    As Sir John Moffat said,
    Dr Remuneration Expense
    Cr Cash

    If the question specifically says that it was declared earlier and now it has been paid, then the first entry at the time of declaration would be:
    Dr Remuneration Expense
    Cr Bonus Payable to Directors
    Second entry when cash is actually paid would be:
    Dr Bonus Payable to Directors
    Cr Cash

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