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Economics, Accounting & Business: Post your doubts here!

urvesh

urvesh

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Is it true that the papers got easier over the years and the most recent ones are easier than the others? I also heard that this years paper will be easier, compared to those back in 2005/4/3/2
 
shahz_h

shahz_h

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Ahh!thanx a lot!!I jus saw it nd had an attack coz I did my eco mcq paper wid some other kind of pencil!!:)
 
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wajiman

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Mohammed Hassan said:
wajiman
may u plz help me in this
I know that it might be silly, but the exam time is 1 hour 30 mins for paper 2, i barely finish the exam at 1 hour 25 mins and i take time for making such accounting format etc.
what is the one acceptable in the exam??
when i was doing my IG exam, i used the first one, and took time and too much space for the answer, my hand writing was so small to fit into the boxes, i dont know what to do?
plz help
thnx in advance :)
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the second format, not the first one
 
Saad Ghori

Saad Ghori

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wajiman said:
i know the answer but for ppl who want to understand
91883194138284098178.png
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The error has been made in bringing the amount of sales ledger a/c to the trial balance. There isn't any error in the sales ledger a/c itself, but the problem only lies in the trial balance. So the only adjustment that is to be made is in the suspense a/c as it is required to be cleared. The suspense a/c had a balance of 9000 debit as the debit side was 9000 less than the credit side. So now the credit entry of 9000 in suspense a/c is to be made to close it. Answer would be B.
 
parthrocks

parthrocks

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Saad Ghori said:
The error has been made in bringing the amount of sales ledger a/c to the trial balance. There isn't any error in the sales ledger a/c itself, but the problem only lies in the trial balance. So the only adjustment that is to be made is in the suspense a/c as it is required to be cleared. The suspense a/c had a balance of 9000 debit as the debit side was 9000 less than the credit side. So now the credit entry of 9000 in suspense a/c is to be made to close it. Answer would be B.
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hEY BT THE OPENING BALANCE SHOULD BE ON THE CREDIT SIDE RIGHT???I DINT GET IT??PLZZZ EASY WAY EXPLANATION KAR NA:)
 
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wajiman

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Saad Ghori said:
The error has been made in bringing the amount of sales ledger a/c to the trial balance. There isn't any error in the sales ledger a/c itself, but the problem only lies in the trial balance. So the only adjustment that is to be made is in the suspense a/c as it is required to be cleared. The suspense a/c had a balance of 9000 debit as the debit side was 9000 less than the credit side. So now the credit entry of 9000 in suspense a/c is to be made to close it. Answer would be B.
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exactly answer is B, and ppl dont confuse to think the balance b/d was Sales, its actually Debtors b/d balance as sales ledger control account is trade receivable control account
 
urvesh

urvesh

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Saad Ghori said:
The error has been made in bringing the amount of sales ledger a/c to the trial balance. There isn't any error in the sales ledger a/c itself, but the problem only lies in the trial balance. So the only adjustment that is to be made is in the suspense a/c as it is required to be cleared. The suspense a/c had a balance of 9000 debit as the debit side was 9000 less than the credit side. So now the credit entry of 9000 in suspense a/c is to be made to close it. Answer would be B.
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Yeah, but you still gotta debit Sales Ledger Control a/c in the trial balance by 9k. Otherwise, the balance on the trial balance for the Sales Ledger Control account with remain 34k!!! Answer is C bro.
 
Saad Ghori

Saad Ghori

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The entry of the suspense a/c is made on the side which is less than the other. Sales ledger control a/c is a debtors account, and as it was understated the debit side was less than the credit side. Thus the opening balance in suspense a/c was on the debit side :D
 
Saad Ghori

Saad Ghori

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urvesh said:
Yeah, but you still gotta debit Sales Ledger Control a/c in the trial balance by 9k. Otherwise, the balance on the trial balance for the Sales Ledger Control account with remain 34k!!! Answer is C bro.
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There wasn't any problem is the sales ledger control a/c. The trial balance would be rectified not the sales ledger control a/c. If you do, the sales ledger control a/c would then be overstated by 9k!
 
urvesh

urvesh

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Saad Ghori said:
There wasn't any problem is the sales ledger control a/c. The trial balance would be rectified not the sales ledger control a/c. If you do, the sales ledger control a/c would then be overstated by 9k!
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Gotcha, thanks :D
 
parthrocks

parthrocks

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Saad Ghori said:
The entry of the suspense a/c is made on the side which is less than the other. Sales ledger control a/c is a debtors account, and as it was understated the debit side was less than the credit side. Thus the opening balance in suspense a/c was on the debit side :D
Click to expand...
So the correct the error we post it on the credit side???explain ppz
 
Saad Ghori

Saad Ghori

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