leaving cert accounting suspense accounts

fairy_01

need huge help with few questions if anyone w2ould please help me....

1. after the final accounts have been prepared, an unpaid bill of 1000 for rent payable for 2001 was discovered. no entry had been made in the books


2. Kearney had won a private holiday prize for two worth 4000 a tickey. one ticket had been given to a salesman as part payment of salesman's commision for the year and the other to a creditor as payment of a debt of 3900. No other entry had been made in the books.


3. Equipment purchased on credit for J Delaney for 670 was entered in the purchases dat book as 760 and not posted to the personal account


4. A credit note received from a creditor of 60 had been entered correctly in the subsidary book and entered twice on the incorrect side of the creditors account.


5. A debtor who owed Flynn 650 sent a cheque for 610 in full settlement and this was recorded correctly in books. However, no entry had been made in the books of the subsequent dishonouring of this cheque or of the closing of the debtors account after the receipt of a first and final dividend of 10c in the euro.


6. Goods previously purchased for 900 were returned by Flynn, prior to receiveing a credit note,had entered the transaction in the day books. However.when the credit note arrived from the supplier it showed a deduction of 45 for carriage. Flyn immediately credited the amount of this credit note to the nominal ledger and credited 45 to the creditors account.


any help would be greatly appreciated!

sceptre

Asking on the boards.ie complaints/assistance board probably wasn't the best choice:)

Moved to Leaving Cert.

Eire-Dearg

That's basically the whole question. Did you get someone else's mock exam and thought you'd get it all done here for you?

Ronan Keating

Eire-Dearg wrote: »

That's basically the whole question. Did you get someone else's mock exam and thought you'd get it all done here for you?

They must have.

fairy_01

Eire-Dearg wrote: »

That's basically the whole question. Did you get someone else's mock exam and thought you'd get it all done here for you?

no need to be so smart...if you would like to check the mock paper somewhere i highly doubt that these questions are on it since i haven't looked at it or got any hints!! i took the questions from the accounting senior cycle textbook!!!

Ronan Keating

fairy_01 wrote: »

no need to be so smart...if you would like to check the mock paper somewhere i highly doubt that these questions are on it since i haven't looked at it or got any hints!! i took the questions from the accounting senior cycle textbook!!!

If you have a problem with the whole question you should ask your teacher.

**Timbuk2**

I don't know what way you were thought to do it, but I prepare notes beforehand.

I usually go:
Should Be: <enter the accounts and figures that you would enter the items in the question, providing there was no error>
What Happened: <What actually happened, according to the question>
To Correct: <The changes that you need to make to change the 'What happened' into the 'Should Be'>

The 'to correct' is exactly what you will be journalising (only remember the narratives!).

You need to have a good entry of double entry to be able for this question. Remember, when doing the to correct, the dr side needs to equal the cr side. If it doesn't, add in a Suspense a/c figure with the difference.

pathway33

http://www.youtube.com/watch?v=WGZOWrXVmEc

**Timbuk2**

The video above is good.

However, there is no requirement to actually draw out accounts. I usually just write down in list form - Should be, What it was, Correction