Home For AAT student members AQ 2013 AAT Level 2 (Level 5 in Scotland)
Current updates regarding coronavirus (Covid-19) and the precautions AAT are taking will be continually updated on the below page.

Please check this link for the latest updates:
We hope you are all safe and well and if you need us we will be here. 💚


journal entries

jkcjkc Well-KnownRegistered Posts: 166
if the Discount allowed has not been entered in the slc
what would the journal entry be?

if the amount from the IR has been omitted from the list of ledger balances tht was used to draw up the initial trial balence

any help appreciated.

ps thank you to every one for help in my last two simulations
good luck every one fr the exam in june

Comments

  • thoms04thoms04 Feels At Home Registered Posts: 36
    Hi there, the journal entry for Discount Allowed would be

    CR SLCA
    DR Discount Allowed

    I'm a little unsure as to what you are asking in the second part?
  • jkcjkc Well-Known Registered Posts: 166
    thanks for your help its really appreciated

    the question asks us to adjust trial balence and draw up journals
    for an amount owing to inland revenue which has been omitted from the
    origional trial balence?
    would i need a journal entry for this?
    what would it be and does it need a suspense account.
    thankytou for the first answer its a great help.
  • roy ramphulroy ramphul Feels At Home Registered Posts: 36
    I think if the Inland Revenue Account has been ommitted in the Trial Balance,

    In the journal we

    Dr Suspense
    Cr Inland Revenue

    Being Inland Revenue A/C Ommitted in trial balance

    Or it could be just a single entry because you would not correct the Inland Revenue A/C from the journal


    Dr Suspense

    Being Inland Revenue A/C Ommitted in trial balance
  • jkcjkc Well-Known Registered Posts: 166
    thats great, thanks for all your help. probably be back
    tho due to exam anxt.
    good luck every one.
Sign In or Register to comment.