A trader prepared a trial balance which did not balance. The difference was posted to a suspense account. The following errors have now been found. 1 The returns inwards account had been overcast by $90. 2 A payment of $200 for rent had been entered correctly in the cash book but had not been posted to the rent account. What was the opening balance on the suspense account?

A sales ledger control account was prepared. An irrecoverable debt of $40 was omitted and a discount allowed of $68 w…

The trial balance totals are as follows: debit $500 150 credit $500 000 Which error could have caused the difference?

Why is a sales ledger control account used? 1 to control discounts received 2 to ensure credit customers pay promptl…

F and P are in business sharing profits and losses in the ratio 3:1. Their capital account balances are: F 90 000 P 6…

L and M are in partnership, sharing profits and losses in proportion to their capital invested. The following informa…

Which item is shown in the statement of changes in equity?