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 $3,690 and discount received $570.
2. A cheque for $7,380 received from a customer was correctly entered in the cash book but was posted to the control account as $6,273.
What will be the remaining balance on the suspense account be after the correction of these errors?
Suggested Solution:
| Debit | $ | Credit | $ |
| Control account | 1,107 | Opening balance | 6,000 |
| Discount received | 570 | Discount allowed | 3,690 |
| Closing balance | 8,013 |
To do the same topic again in ACCA F3 correction of errors 5