F5 Principles of Accounts

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[匿名]

2009-06-13 11:18 pm

HKCEE 2002
There is a question about suspense.
In item 4 of the question, it says "A partial loan repayment of $6000 had been recorded correctly in the cash book. however, it was recorded as $600 in the loan interest account"

My question is how to do the suspense of this error?? And also how this will be corrected in the statement for revised net profit???

更新1:

I also want to know if dividend paid is included in P&L or not??

回答 (2)

用戶2576

2009-06-14 1:29 am

✔ 最佳答案

The entries made are Dr. Loan Interest Account $600 and Cr. Cash $6,000. There is a difference of $5,400. To make it in balance, a suspense Account is made and be Dr. 5,400.
Now, there is an error in the account being debited and with a difference. The correct entries are the Dr. Loan Account $6,000 Cr. Suspense $5,400 and Cr. Loan Interest Account $600.
So, the net profit of the company will be increased by $600, the wrong entry of an expense initially entered in the books.
The correct entry after the adjustment is hence Dr. Loan Account $6,000 and Cr. Cash $6,000

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Edward Y

2009-06-14 1:13 pm

"Dividends Paid" is not a P&L account, but a component of the retained earnings (surplus) account:

opening retained earnings + current year's earnings - dividends paid in the current year = ending retained earniongs

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