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Suspense accounts…..plz show ur workings

Forums › ACCA Forums › ACCA FA Financial Accounting Forums › Suspense accounts…..plz show ur workings

  • This topic has 2 replies, 2 voices, and was last updated 13 years ago by queeenshana.
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  • April 21, 2012 at 7:08 pm #52291
    queeenshana
    Member
    • Topics: 25
    • Replies: 20
    • ☆

    When Roberts’ trial balance was extracted, the total of the debit balances was$208,462 and the total of the credit balances was $208,642. He opened a suspenseaccount while he checked the entries. He then found that:

    (i) a cash sale for $50 was debited to the cash account, but no entry was made inthe sales account;
    (ii) the opening inventory figure of $1,200 was omitted from the trial balance

    When Robert corrects these errors what is the balance on his suspense account?
    A $1,070 debit
    B $1,330 credit
    C $1,280 debit
    D $970 credit

    April 22, 2012 at 9:32 am #96481
    Najiya
    Member
    • Topics: 1
    • Replies: 94
    • ☆☆

    difference on trial balance is
    208,462 Dr – 208,642 Cr = 180Dr

    Suspense account dr side
    Opening balance 180
    Sales 50
    Closing balance 970
    TOTAL 1200

    Suspense account cr side
    Inventory 1200
    TOTAL 1200

    Answer is D

    April 22, 2012 at 4:23 pm #96482
    queeenshana
    Member
    • Topics: 25
    • Replies: 20
    • ☆

    thnks ma 🙂

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