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suspense account

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

  • This topic has 3 replies, 2 voices, and was last updated 8 years ago by John Moffat.
Viewing 4 posts - 1 through 4 (of 4 total)
  • Author
    Posts
  • July 9, 2016 at 2:38 pm #324988
    sxhawty
    Member
    • Topics: 56
    • Replies: 25
    • ☆☆

    Sir, in the suspense account, if the examiner gives us a figure and it says that it was incorrectly entered in a wrong account but there were double entries, do we ignore it because it doesn’t affect the suspense account?

    July 10, 2016 at 7:57 am #325117
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 54655
    • ☆☆☆☆☆

    Assuming that there was a debit and an equal credit, then the suspense account is not affected.
    Obviously, if one of the entries was to a wrong account, then it will need correcting, but again it will not affect the suspense account.

    July 13, 2016 at 12:34 pm #325777
    sxhawty
    Member
    • Topics: 56
    • Replies: 25
    • ☆☆

    Is it possible sir if you can tell me which accounts will affect the suspense account and which one won’t? Atleast the basic ones..

    July 14, 2016 at 8:54 am #325833
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 54655
    • ☆☆☆☆☆

    A balance only arises in the suspense account when a mistake has been made in the double entry. The mistake can occur in any of the t-accounts – it is not the case that some accounts affect it and some don’t! Any of them can.

    You really should watch my free lecture on suspense accounts.

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