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Correction of errors and suspense account help

  • 09-05-2012 5:03am
    #1
    thepikminman
    Registered Users, Registered Users 2 Posts: 178 ✭✭


    Hi.
    I find suspense account q's fine, but i mess up the actual suspense account that you have to prepare every time. I get the correct figures and difference, but I just don't know what to NAME each entry (e.g. purchases, creditors, etc).
    Can you tell me how you know what NAME to enter in the suspense account for each entry, and if you lose any marks for entering the wrong NAME.
    Thanks!


Comments

  • #2
    Hoggy1000
    Registered Users, Registered Users 2 Posts: 79 ✭✭Hoggy1000


    Mr.Fun wrote: »
    ha

    ^Your great help.

    Our teacher just told us use the name of the biggest adjustment. (Creditor - 10,000 and Discount - 500) so you would call the the figure in the suspense acc Creditors and also you could number the suspense name to whatever part of the Q your doing aswell. At a guess they dont get marks, only the figures do.


  • #3
    thepikminman
    Registered Users, Registered Users 2 Posts: 178 ✭✭thepikminman


    Mr.Fun wrote: »
    ha

    Well done!


  • #4
    thepikminman
    Registered Users, Registered Users 2 Posts: 178 ✭✭thepikminman


    Hoggy1000 wrote: »
    ^Your great help.

    Our teacher just told us use the name of the biggest adjustment. (Creditor - 10,000 and Discount - 500) so you would call the the figure in the suspense acc Creditors and also you could number the suspense name to whatever part of the Q your doing aswell. At a guess they dont get marks, only the figures do.

    Ok cool, thanks alot!


  • #5
    Mr.Fun
    Registered Users, Registered Users 2 Posts: 164 ✭✭Mr.Fun


    Sorry its just I hate suspense accounts with a passion


  • #6
    Hoggy1000
    Registered Users, Registered Users 2 Posts: 79 ✭✭Hoggy1000


    ^ Going by the exam papers, there a banker for this year though?
    there so repetitive, you could do 2/3 questions and you'd nearly cover all the adjustments!


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  • #7
    thepikminman
    Registered Users, Registered Users 2 Posts: 178 ✭✭thepikminman


    Hoggy1000 wrote: »
    ^ Going by the exam papers, there a banker for this year though?
    there so repetitive, you could do 2/3 questions and you'd nearly cover all the adjustments!

    What's a banker?


  • #8
    ChemHickey
    Closed Accounts Posts: 3,479 ✭✭✭ChemHickey


    thepikminman wrote: »
    Hoggy1000 wrote: »
    ^ Going by the exam papers, there a banker for this year though?
    there so repetitive, you could do 2/3 questions and you'd nearly cover all the adjustments!

    What's a banker?

    They're an almost definite up.


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