Suspense accounts

Cath Barrett
Cath Barrett Registered Posts: 12 Regular contributor ⭐ ? ⭐
Can anyone help me with this? I'm due to do the FRA simulation tomorrow and panicking. I remember being told that if I couldn't get the trial balance to agree that I should create a suspense account and take this all the way the final accounts. But where? I've never seen a suspense account in the final accounts. What should I do with it. Any guidance greatfully received.

Comments

  • aatechnician
    aatechnician Registered Posts: 4 New contributor ?
    if there is a suspense a/c then you have to add suspense a/c in the final a/c also
  • ambitious
    ambitious Banned User Posts: 93 ? ? ?
    if there is a suspense a/c then post it to the balance sheet as an asset if a DR balance or a liability if a CR balance. Given that this simulation has a final a/c's template set out you would somehow need to squeeze this in to make your figures balance. But the best solution as always is to always clear it. Given exam conditions I can understand if many of you end up with suspense a/c's. I cleared mine on this simulation so reading the question carefully is crucial.
  • Jentel
    Jentel Registered Posts: 60 ? ? ?
    Cath - how did you get on in you simulation. Did you have to put in a suspense account.

    I did my simulation about 2 months ago and our tutor is not giving us our results till after the June Exam.

    I wish i had known that i could put in a suspense account as i totally mucked up the whole trial balance as i did not know where to put my differ and fretted so much that i had to make up a net profit just so that i could continue with the next tasks.
  • mark130273
    mark130273 Registered Posts: 4,234
    well if you did open a suspense account and did the rest right . i can tell you that you will have a good chance of passing . as i took mine in Dec and I had to open a suspense on the t.b. but i got a pass !!!

    let me know how you got on !!!
  • CathG
    CathG Registered Posts: 145 ? ? ?
    Simulation two months ago - still waiting for results!

    Jentel wrote:

    I did my simulation about 2 months ago and our tutor is not giving us our results till after the June Exam.

    I can't believe this - have you complained - surely you need to know how you got on in the simulation to work on weak areas for the exam. I'd complain to the tutor if I were you. We had our simulation results back within two weeks of doing the test.
  • Jentel
    Jentel Registered Posts: 60 ? ? ?
    Cathg - don't even get me started about the tutor otherwise i will be here all night. With our ECR simulation we got that back in 2 weeks but that particular tutor is ok. With our FRA tutor as i say don't get me started......The class is a complete shambles, tutor knows how the class feels but i will complain once the course is over.

    How did you get on. Did you pass
  • Cath Barrett
    Cath Barrett Registered Posts: 12 Regular contributor ⭐ ? ⭐
    Thanks

    Thanks for all the advice. I'm thrilled to say that everything balanced first time and I had no need of a suspense account but it could still be required on wednesday! Was very lucky to have an excellent centre that marked my paper and gave feedback the same day. I can't believe some of you are still waiting to find out.
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