Prep for re-sit

System
System Posts: 100,534 🤖 Admin 🤖
edited June 18 in AAT student discussion
Hi<BR>I managed to Fail FRA Dec 04 and so am now preparing to re-sit in June, having forgotton everything I learnt before, I decided to start form scratch again in January 05. So far doing well with each individual chapter but forgetting each time I move on to another chapter. I am aiming to sit the skills test in the next few weeks. which I have looked at practice papers, but cannot bring everything I have learnt together. <BR>I am currently working on Chapter 10 in Financial Training Company Books Suspense accounts and errors. <BR>I am never sure when doing journals when to dr/cr a suspense account as in some questions a suspense ac is not used For example Machinary purchased for £150 had been debited to Purchases Journal entry Dr purchases Cr Machinary.<BR>but then, Discounts received of £130 had been posted to the debit side of discounts received a/c Answer is dr suspense cr discount received. But I don't understand why and when (in what situations) to use a suspense a/c.<BR>If there is anyone out there who can help I would really appreciate it as I am doing this as home study and so do not attend a class where there is regular tutorial help, I have a tutor but I am only allowed 2 hours per chapter of help from him which ran out last year as I have been on chapter 5 since May 04. so toatlly struggling, where help is concerned.<BR><BR>Look forward to hearing from you<BR><BR>CB

Comments

  • System
    System Posts: 100,534 🤖 Admin 🤖
    Prep for re-sit

    You only get 2 hours or tutor time pre chapter - I think thats disgusting!!! <BR>i study via home study and get unlimited tutor support and free tution till I pass the level.<BR><BR>Anyway.... I think the only time you use the supsense account is if it is mentioned that it has been used, so<BR><BR>if 2 accounts are mixed up ie Motor Expenses was debited to Stationery then you would prepare your journal which would only have the Motor Expenses and Stationery Accounts.<BR><BR>If you had a question like, errors have been found in the trail balance and the amount has been put into suspense. The following have now been found .......<BR>Then you would have something in the suspense account to clear out.<BR><BR>I think the main point is READ the question and then ask yourself, was a suspense account mentioned. Which two accounts are you needing to change!!<BR><BR>Amanda
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Prep for re-sit

    Thanks for your help, but sometimes the suspence account is not mentioned but when you look up the answer something has been debited or credited to the suspence account it's all guess work!!

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