Suspense accounts?

Paddi Jones

Hmm, I was wondering if anyone could help me out.

Err, I just realised I CANNOT do suspense accounts and they do turn up in Section 1, hmm, anyone got any tips or advice?
What I don't understand is which side is the right side for an entry to go on, um, if anyone could link me to something or just gimme some general advice it would be greatly appreciated.
Thank you!

JoeyBuddy

It is one of my weakest too, but I've kinda learned it. Because it's a big possability for Secton 2.
I assume you mean section 1, not Q1? The 60m? Q1 is the 120m. Suspense can't come up as that.
Besides, I think it's much more likely to come up as 100m than as 60m.


Anyway, knowing what sides to put everything on is my biggest downfall also.
A friend of mine said that you DEBIT Assets and Expenses,
and you CREDIT Liabilities and Income.

It can be confusing.But that has helped me a little.

Paddi Jones

Thanks a million!!
I'll follow that exactly! If I pass this I owe you a bucket of thank yous!
Thank you!

Oh an also can't it come up in some minor form in the 120m Q?

EuropeanSon

Paddi Jones wrote: »

Thanks a million!!
I'll follow that exactly! If I pass this I owe you a bucket of thank yous!
Thank you!

Oh an also can't it come up in some minor form in the 120m Q?

Yeah, as an adjustment. Only a few marks though.

RexMundi

JoeyBuddy wrote: »

It is one of my weakest too, but I've kinda learned it. Because it's a big possability for Secton 2.
I assume you mean section 1, not Q1? The 60m? Q1 is the 120m. Suspense can't come up as that.
Besides, I think it's much more likely to come up as 100m than as 60m.


Anyway, knowing what sides to put everything on is my biggest downfall also.
A friend of mine said that you DEBIT Assets and Expenses,
and you CREDIT Liabilities and Income.

It can be confusing.But that has helped me a little.

If you remember the Debtors are Debit. Creditors are Credit.

Therefore Assets are Debit and Liabilities are Credit.

Then know that Assets go with Expenses and Liabilities with Gains, you're sorted. Well that's how I think of them.

bleh!

Aside from those above, I'd learn these as well.

If your assets is going up/liability going down = debit, assets going down/liability going up = credit.

Capital always on credit side = giving to business. Drawings on credit = taking from business.

Good Luck!:pac:

JoeyBuddy

Paddi Jones wrote: »

Thanks a million!!
I'll follow that exactly! If I pass this I owe you a bucket of thank yous!
Thank you!

Oh an also can't it come up in some minor form in the 120m Q?

No problem man. I still haven't grasped it completely myself though.

Can anyone tell me can you get many marks in the Adjusted Net Profit and Balance sheet if you get most of the journal entries wrong?
Do they take your own figures? I'm guessing not but..

Killio9

2000 question 7 Part (i)

anyone know what the accounts are for this? cant remember doing it before,i'm thinking:capital,drawings,sales commission,discount? think debtors aswell,confused about it!

anyone know the answer would be class!

EuropeanSon

JoeyBuddy wrote: »

No problem man. I still haven't grasped it completely myself though.

Can anyone tell me can you get many marks in the Adjusted Net Profit and Balance sheet if you get most of the journal entries wrong?
Do they take your own figures? I'm guessing not but..

Yes. I asked my mom, who teaches accounting, and she says you'll get minimum 2/3 of the marks as long as you are consistant with your figures.

Ashashi

Just remember, that every business starts with two accounts, a Bank, and a Capital account, and work it from there.

A debit in bank, means money coming in, and a credit in bank means money going out. So for example, sale of 100, would have a debit of 100 in bank, and then you must have it on the opposite side of Sales account, credit Sales 100.

Hope this helps, had my uncle explain in it, him being an accountant, and it really helped. Just hoping they come up now

JoeyBuddy

EuropeanSon wrote: »

Yes. I asked my mom, who teaches accounting, and she says you'll get minimum 2/3 of the marks as long as you are consistant with your figures.

That's great. Thanks.
What if you post the correct figure on the wrong side of the account in the journals?

EuropeanSon

JoeyBuddy wrote: »

That's great. Thanks.
What if you post the correct figure on the wrong side of the account in the journals?

You won't get anything for the journal figure, probably.
It all depends on the marking scheme. In 2008 full marks were given for consistency in the P/L with the wrong journal figures, you only lost the marks for getting the journal wrong. Suspense was poorly answered that year though, hence the easy marking scheme.