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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 4 weeks ago by John Moffat.
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    Posts
  • July 10, 2022 at 3:29 am #660225
    ThaeJulyOo257
    • Topics: 10
    • Replies: 6
    • ☆

    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 $500

    My answer is right?

    July 10, 2022 at 8:12 am #660229
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 49921
    • ☆☆☆☆☆

    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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