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simulation three hellllllp

jkcjkc Well-KnownRegistered Posts: 166
journals journals journals, suspense accounts
do not understand them at all and theres loads on this.
the bank rec was a night mare, did purchase ledger control and sales ledger control recs one ok the other about seven grand out.
dont think ill get through this to do the final exam.

Comments

  • lesscilessci Well-Known Registered Posts: 180
    I've always found journals a little difficult, but I find they all make sense if you draw out the T accounts and do the transfers that way, then write up the journals. They jsut seem to make sense then.
  • jkcjkc Well-Known Registered Posts: 166
    hi
    do you know on suspense accounts if you have a cr on the trial balence
    and you write up the suspense account does it go on the cr side then
    the discrepancies should all be made of debits to clear it?
  • EsmeEsme Experienced Mentor Registered Posts: 711
    The suspense account would start with a credit balance if the suspense entry is on the cr side in the trial balance. The journal entries could then be dr or both cr and dr as long as they make the same entry on the dr side,

    sorry if explanation isn't too good.. see below

    suspense

    dr cr

    80
    180 100
  • EsmeEsme Experienced Mentor Registered Posts: 711
    That diagram came out wrong.. the 80 and 100 should be on cr side and the 180 on dr side.
  • leevictoria18@hotmail.com[email protected] Just Joined Registered Posts: 4
    in an exam the question asked will let you know if the suspence account has been debited or credited first, so you can start with that info and work from that , knowing that debits should always also be balanced by a credit and visa virsa. then you can look to see which side you should be balancing off.

    i.e Question one, the suspece account has a debit ammount of ......

    so put that ammount in the suspense account on that side.
    and then draw up your other t accounts.

    when you finished you should have the same ammount on each side of the suspense account.
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