The trial balance of Z failed to agree, the totals being:
Debit $ | 600,000 |
Credit $ | 594,000 |
A suspense account was opened for the amount of the difference and the following errors were found and corrected:
1. The totals of the cash discount columns in the cash book had not been posted to the discount accounts. The figures were discount allowed $1,230 and discount received $342.
2. A cheque for $6,150 received from a customer was correctly entered in the cash book but was posted to the control account as $5,228.
What will be the remaining balance on the suspense account be after the correction of these errors?
Suggested Solution:
Debit | $ | Credit | $ |
Control account | 923 | Opening balance | 6,000 |
Discount received | 342 | Discount allowed | 1,230 |
Closing balance | 5,966 |
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2015 ACCA F3 correction of errors 5