The trial balance of Z failed to agree, the totals being:
| Debit $ | 400,000 |
| Credit $ | 391,000 |
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 $4,920 and discount received $798.
2. A cheque for $3,690 received from a customer was correctly entered in the cash book but was posted to the control account as $3,137.
What will be the remaining balance on the suspense account be after the correction of these errors?
Suggested Solution:
| Debit | $ | Credit | $ |
| Control account | 554 | Opening balance | 9,000 |
| Discount received | 798 | Discount allowed | 4,920 |
| Closing balance | 12,569 |
To do the same topic again in ACCA F3 correction of errors 5