Hi..this is the first time i have used this and i would appreciate any help with my studies....
I understand the correction of journals where i have to put the account right but if there is VAT is this a seperate entry and do i enter this alongside a suspense a/c?
for example.....purchase for 100 + vat for c jones has been credited to the sales ledger a/c pf b jones, the vat was also entered incorrectly, the purchase a/c was correct
I'm happy to help, but it may be easier to have a full example question for us to answer as a worked example can be used for reference for yourself and others in the future.
Thanks,
Ben
-- Edited by woody88 on Thursday 20th of October 2011 05:48:49 PM
In reality you would have 1 suspense journal entry and 2 other entries for the slc and vat... But it exams they like you to do a suspense entry for each part of the correcting entry.
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Please correct me if I'm wrong... I am only human sucking up knowledge... Sometimes bits leak out!
Morning...thanks for taking time out to look at my question. the example i gave was my question. the trial balance has failed to agree and my example was one of the errors?