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suspense account help

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

  • This topic has 1 reply, 2 voices, and was last updated 10 months ago by John Moffat.
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  • October 14, 2021 at 8:27 am #637648
    jcafelatte
    • Topics: 14
    • Replies: 8
    • ☆

    Dear Mr John Moffat,

    The cash refund due to customer a was correctly treated in the cash book and then credited to the accounts receivable ledger account of customer b.
    The above error require a suspense account entry.

    i think the entries are Dr receivables Cr cash because its a cash refund so B give A cash. so the entries for B would be Dr receivables Cr cash. however they credited receivables which means they have credited twice ( credit receivables credit cash). so the solution is to debit suspense account credit receivables and credit cash. hence this error requires a suspense account.

    am i correct? Thank you

    October 14, 2021 at 4:50 pm #637680
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 50053
    • ☆☆☆☆☆

    Yes, you are correct.

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