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Leaving Cert Final Accounts Help

Misty_01 · 2016-06-05 10:31:48

Hi Guys, I can't seem to get my head around the suspense workings from any of the Final Account questions. For example in 2009 Q1 part (iv), how do we know whether to add or subtract the 200 euro discount allowed entered only into the discount account ??? This is my biggest problem with the accounts, I'd really appreciate…

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05-06-2016 11:31am

#1

Misty_01

Registered Users Posts: 27 ✭

Join Date: June 2015

Posts: 21

Hi Guys, I can't seem to get my head around the suspense workings from any of the Final Account questions. For example in 2009 Q1 part (iv), how do we know whether to add or subtract the 200 euro discount allowed entered only into the discount account ??? This is my biggest problem with the accounts, I'd really appreciate if this problem could be cleared. Thanks

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#2 05-06-2016 12:34pm
koolis02

Registered Users Posts: 170 ✭✭

Join Date: March 2014

Posts: 140

it's been already entered in the discount account, so no need to do anything with it. You allow a discount to a debtor so you should be minusing it from debtors and adding it into your suspense account. When you allow a discount to a debtor you're lowering the balance that the debtor owes you hence why you minus it from their account. Thats the way I always remember it but it could be completely wrong logic lol

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