Acca financial Accounting (FA) Study Text ac ca (FA)

Chapter 16 

KAPLAN PUBLISHING

 

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Test your understanding 5 

 

The following correction journals have been posted by Boris Brokovitch, a 

self-employed plumber: 

1 

Dr Suspense $4,000 

Cr Rent $4,000 

2 

Dr Payables $2,500 

Cr Suspense $2,500 

3 

Dr Loan interest $1,000 

Cr Loan $1,000 

4 

Dr Suspense $650 

Cr Sundry income $650 

5 

Dr Suspense $6,000 

Cr Cash $6,000 

Boris’ draft profit figure prior to the posting of these journals is $355,000. 

What is the revised profit figure? 

A $354,000 

B $358,650 

C $356,150 

D $358,000 

What affect will these correction journals have on the statement of 

financial position? 

7 

Statement of comprehensive income 

Your correction journals may also affect other comprehensive income. In 

Financial Accounting only journals involving revaluation adjustments would 

affect this. 

 

 

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The trial balance, errors and suspense accounts 

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