A-LevelAccountingCorrection of Errors and Suspense AccountsOct/Nov 2013Paper 1 Q101 Mark
A company's trial balance includes a suspense account. It was found that the only errors were discounts received of $240 and discounts allowed of $312, which had both been entered on the incorrect sides of the respective ledger accounts. What is the double entry required to clear the suspense account balance? account debit $ credit $
Adiscounts allowed 312
discounts received 240
suspense 72
Bdiscounts allowed 624
discounts received 480
suspense 144
Cdiscounts received 240
suspense 72
discounts allowed 312
Ddiscounts received 480
suspense 144
discounts allowed 624
✓ Correct Answer
The correct answer is B. This question tests the candidate's understanding of correction of errors and suspense accounts within the Accountingsyllabus. The examiner's mark scheme requires...
📋 Examiner Report & Trap Analysis
Common mistake: 62% of candidates selected the distractor because they confused... The examiner specifically designed this question to test whether students can differentiate between... To secure full marks, candidates must demonstrate...
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