Hello, Can someone help me with one practice question? trial balance faild to agree and the difference of 680 was recorded in the credit side of Suspense Acc.I already have found errors and posted them into the journal.
My question: Where difference as TB shuld exactly be going in CR or DR side of suspence acc?
I just stard with bookkeeping and in my all i.es. difference as TB is always going in the DR side.
Whether your difference in the TB goes in the DR or CR side of the Suspense account depends on which side of your TB doesn't balance.
If the CR side is less than the DR side then the entry goes to the CR of the Suspense account and if the DR side is less than the CR side then the entry goes to the DR of the Suspense account.
If you look around the ads at the top and bottom of this site there are advertisements for courses. I would suggest going on a basic course to get you started. Back when I started accounts many years ago SWAT did a 4 day basic bookkeeping course which I attended. This was superb for getting me started and understanding the basics. I am sure they would still do it.
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Phil Hendy, The Accountancy Mentor
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