unit 3, Can anyone please help

System
System Posts: 100,534 🤖 Admin 🤖
edited June 18 in AAT student discussion
Has anyone done exams for unit3, l'm taking my on 27/4, a bit panicky and worried!!!!<BR><BR>is there a suspense account?<BR>does cash book/bank reconciliation balance or there is a difference?<BR>how many jounals are there?<BR><BR>Is it like simulation 5 (sunny days garden products) or 6 (weasley supplies) in osborne book.

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  • System
    System Posts: 100,534 🤖 Admin 🤖
    unit 3, Can anyone please help

    The purpose of the suspence account is :-<BR>Postings that have no nominal code go to this posting, e.g.opening balances.<BR><BR><BR>The cash book and the bank reconciliation will not match. <BR>This is due to the fact that <BR>E.G.although you may have paid a supplier, they may not put this cheque into the bank straight away. So your book will be showing less than your bank account.<BR><BR>Hope this helps.<BR>Paty<BR>

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