Suspense accounts

Cath Barrett

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.

aatechnician

if there is a suspense a/c then you have to add suspense a/c in the final a/c also

ambitious

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

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

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

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

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

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.