Suspense accounts
Cath Barrett
Registered Posts: 12 New 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.
0
Comments
-
if there is a suspense a/c then you have to add suspense a/c in the final a/c also0
-
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.0
-
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.0 -
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 !!!0 -
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.0 -
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 pass0 -
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.0
Categories
- All Categories
- 1.2K Books to buy and sell
- 2.3K General discussion
- 12.5K For AAT students
- 318 NEW! Qualifications 2022
- 161 General Qualifications 2022 discussion
- 11 AAT Level 2 Certificate in Accounting
- 56 AAT Level 3 Diploma in Accounting
- 87 AAT Level 4 Diploma in Professional Accounting
- 8.8K For accounting professionals
- 23 coronavirus (Covid-19)
- 272 VAT
- 92 Software
- 273 Tax
- 135 Bookkeeping
- 7.2K General accounting discussion
- 200 AAT member discussion
- 3.8K For everyone
- 38 AAT news and announcements
- 345 Feedback for AAT
- 2.8K Chat and off-topic discussion
- 582 Job postings
- 16 Who can benefit from AAT?
- 36 Where can AAT take me?
- 42 Getting started with AAT
- 26 Finding an AAT training provider
- 48 Distance learning and other ways to study AAT
- 25 Apprenticeships
- 66 AAT membership