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K’s final balance didn’t balance and he set up a suspense account for the difference. He then discovered that rent of $500 paid by cheque has been credited to both the bank A/C and rent A/C.
Correction of error: Rent A/C Dr $ 500
Suspense A/C Cr $500My answer is right?
No.
The correct entry is Dr Rent with $1,000 and Cr Suspense with $1,000.
(It is 500 to cancel the wrong entry and then another 500 for the correct entry).
Have you watched my free lectures on this? The lectures are a complete free course for Paper FA and cover everything needed to be able to pass the exam well.
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