CORRECTION OF ERRORS AND THE SUSPENSE ACCOUNT (PART 1)

This video explains the categories and types of accounting errors that are likely to be committed by the accountant and gives a gist of how to correct them.

[@FOGAccountancyTutorials]

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[@richmonddjagbo1121]

Alright sir, thanks

[@gaimambiran3088]

thanks

[@mr.jerrybriggs8208]

Excellent 👌

[@tuganireliveshow8262]

Can send you some questions via WhatsApp if you you can do it for me.thanks

[@nkemgift8387]

Sir do u have WhatsApp group for accounting?

[@namcelebsn9930]

I have been struggling with errors for months, I searched on CZcams for videos,,,but nothing happened,,but when I came to this video,,it really helped me and I passed my exam,,thanks a lot sir ...........

[@FOGAccountancyTutorials]

Welcome... I'm glad you are helped

[@all-in-one2109]

he is the best at his craft

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Thanks you for your help as

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You are talented Mr

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I don’t even learn from my textbook anymore to do revision. I just follow your videos. So perfect. Respect ✊🏼

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Same here 😀

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My name is Joseph Honore. I'm Rwandan. What I want to tell you is that thanks 👍. For me there is no accurate reward you can afford from the greatest work you do for this world of business. Only God knows what better reward you deserve. I'm university student in Year I in accounting to having you now for me means to have angel, second brain. Let me call you my father from now. Thanks 👍 so much. 🇬🇳+🇷🇼=Independent Africa giving to better would.

[@SenaBenton]

God bless you so much🙏🏾. It's because of ppl like you that accountants are made. Thanks a lot

[@mulengaphiri105]

After coming across your videos i had to start from the basic and i have learned alot. You have really helped me and i believe i will become good at accounts because of you. God bless you sir

[@ambangmongo2888]

Sar you have done a perfect job, I like the fact that you gave the basic of it before going forward. The educational sector need more teachers like you, thank you for impacting us with knowledge.

[@choirofangels6228]

wow,I really have improved in accounting from watching your tutorials. Thank you!

[@chireneo2348]

thanks very much sir.with the help of your lessons, am gradually understanding Accounting errors

[@sanyuamabel8575]

This is a very detailed explanation. Thanks

[@FOGAccountancyTutorials]

Welcome

[@chalinguluta8174]

I never really got to understand this topic until a friend of mine recommended this video now not even words can express how greatfull I am thank u so much sir may God richly bless you I don't know how pupil like me can do without teacher like you, you make everything simple and easy to understand 🙏🙏🙏 thank u so much

[@sharonasasira6652]

This is awesome.Thank you Mr Felix.You are a blessing indeed

[@lucaslamptey4478]

I have to say big thanks
And I’m proud of what you’re doing ..Ghana to the world 🇬🇭🇬🇭🇬🇭🇬🇭🇬🇭

[@ba-uoromichael6762]

Thank you sir for your well explanation of errors may God bless

[@samuelelowisesandy1781]

Thank you so much sir. I have been thinking of how to have an understanding on this topic but with your explanation, I have gain a lot. May God Almighty continuing to bless you and your entire family.

[@jaelapiyo1840]

Very Good explanation sir from Kenya well understood

[@kingbadjeiobeng-fosu6034]

This man is building nations through the accountants he's raising by of his insightful and spectacular videos.

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You are one of the best teacher's ever

[@harrisondeborah9001]

If not the best 🤘✨

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i was really lost before watching this video, you're doing good for the world. thank you so much.

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You’re too good , I appreciate your effort

[@leroynkang6041]

God Bless You Sir. I’m currently in my foundation level and this tutorial saved me.

[@absalommanfield4713]

this was a lovely explanation of errors, well done

[@abdul-latifabdul-mutalib7258]

Thank you for your good explanation, but most of the errors that affect the trial balance agreement, will not happen in the computerised accounting system

[@lwandilemsani3049]

I'm doing my second year and this video just gave me all i need to know, thank you sir plz continue helping others👏👏

[@michellembai9520]

Perfect. I really appreciate this Sir. Be Blessed..

[@FOGAccountancyTutorials]

👍

[@josephmweresa4540]

Thank you 💖,be blessed and craftened by God his power to continue helping confused students

[@user-yq3cv6dn6g]

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what an amazing tutor u are....more blessings

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I appreciate the whole things from you Sir... big congrats🙏👏

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Your tutorial is very easy to understand. Thank you for the good job

[@johntyabby9199]

Gud day sir i will appreaciate ur lecture class of accounting u ave been of great help to me in accounting concept

[@isaacoduro6623]

Is the error of partial reversal not same as error of wrong debit or wrong credit

[@cheropjacky]

more summarised ,very understandable, i love your teachings ,thanks alot

[@fatimahjaiteh7340]

Just today that I did these topic with my teacher and I came here an fine more thanks sir

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I love this man lectures your the best sir keep up the work may God bless you🙏

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Thank God of been part of the luckiest people to meet with this excellent man who make me understand this topic (I Mean knowing this topic to my finger tips

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Thanks so much for this sir. I really understand it all now🙏😊
Why didn't my teacher, teach it like this🤦. FOG going places maaaannn!! 🤪

[@margaretviwiyfenyuy8172]

Thanks so much
I understand this better now
✌️✌️✌️ Cameroon

[@HigorUngana-fe9ki]

This man is responsible for the slap I received last week from my teacher. God bless you sir. The way I explained this in class my fellow pupils almost chesed the teacher

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I like how u teach keep it up n from u I have learned more God will bless u🤗🤗🤗🤗

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Legon students love your videos🤗

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Great video! Thank you! xx

[@ukamakaokorie38]

Thank you for helping very grateful. Your videos are indeed helpful

[@user-mu8gd9ey9t]

Good work Sir,I have benefited a lot

[@nalubowamaureen7192]

Thx b to God that I found yr site sir, I am writing in 6 weeks time but am sure that with yr clear explanation I will make it though I still have challenges in adjustments but am trying hard to understand in this remaining time. May God b with u sir.

[@FOGAccountancyTutorials]

Check out my video on Adjustments
czcams.com/video/v7QeBm_t_ZA/video.html

[@pootman7687]

Thank you you made me understand the suspence account

[@felixobiero4710]

Thank you very much I got a straight A in my Financial accounting 1 exam.

[@ErickKanchori]

Be blessed 🙏 sir you are transforming so many students may the good lord award you for the good work keep it❤❤up

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Well done

[@agapenanyangwe2978]

Thanks so much this topic has been difficult for me but now have understood

[@godwinkasidy5509]

Your lectures have been of great assistance to me. Please post lecture on incomplete record and single entry

[@bernardanum5123]

I now understand it better😊😊😊 Thanks Sir 😊❤

[@michaeldammy1543]

You are absolutely good sir....could u pls make a video for payroll account

[@user-vb2yw8vy7t]

Wow you are the best. I was struggling with this topic but you made it easy for me

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We need such teachers in the Zambian education sector , keep it up sir

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Yes very much it’s good seeing a friend from Zambia 🇿🇲

[@AbayomiAzeez-up1ws]

your videos have helped me a lot,thank you sir.

[@namulindwasumaiah9987]

Thank u so much am really understanding the errors that have been disturbing me

[@lordaduwenger2940]

You are doing a good job man

[@kansimeaidaloi1820]

Hello Felix is it possible to find a question where your given a trial balance with no additional information and your asked to generate a corrected trail balance

[@dennissinkamba458]

You explained well better than my accounts teacher at school

[@sundayalbert214]

This is so understandable. Thanks 👍

[@sohnabarrow3323]

Thanks you soo much my problem is not about errors if I read the statement I don't know what to debit and what I will really appreciate if you explain that

[@juliaszvarevashe280]

Great work there! Can u do us tutorials for Trust Accounting especially in Real Estate please

[@danielonyedikachiokwandu3323]

please under the error of commission does it always affect the real account instead of both real and nominal account?

[@tarisaimalezo8205]

Thank you now understanding errors

[@abraniajeremani7181]

thank you sir i have learnt a lot

[@esihalwamukuna7805]

Thanks a lot i have learnt

[@donaldbrakoh]

Ur videos have really helped me thank you so much

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Awww i understand errors after watching this 👆❤️

[@douglaschemwanyisa1508]

Great tutor, much appreciated

[@violetmakokha5683]

Confusion is on error of casting especially on undercast and overcast I normally credit overcast and debit undercast

[@mirajiabubakar7635]

I dont think if errors will going to mix me up..... Thanks 🙏🙏

[@FOGAccountancyTutorials]

Welcome

[@etinosaobasuyi3294]

Thanks a lot sir can you make a video on control account

[@hopekaunda1031]

I dont seem to find the part 2 of partnership account

[@yaaddrop]

Can I send a question for you to work on your channel?

[@ShanyMsyoka]

From Kenya, thank you so much sir

[@wilkskolsw9666]

Thanks so much for your service

[@emmanuelkobenaninson583]

Please can we get a question with no trial balance difference ???? In correction of errors

[@tshephangchabaesele7170]

thank you soo much ,finally i got the concept!

[@kisemeiparteri7290]

Thanks your lecture really helps

[@FOGAccountancyTutorials]

Good to know

[@ansumanas.bdanso3954]

you made me to understand this topic thanks alot.

[@stephensarfokantanka3864]

Please how do we correct this error, a credit note of 1000 cedis has been recorded as if it was an invoice

[@irenemcharo6406]

Thank you so much
My paper is tomorrow morning atleast have confidence with suspense

[@patricklupiya4917]

Thanks so much this is so helpful

[@pertriceantoine2621]

Thank you!!! God bless u.

[@VincentKaris]

thanks for the video i really needed that

[@odhiambomoses3283]

Good day sir. Thanks very much for your lectures. They are of great help and may God abundantly bless you for that. I have a question please. Supposing you operating a business and you allowed your customer a discount of 20,000. Instead of debiting this amount in discount allowed account, you made a mistake and credited this amount in the discount received account. Is this also an error? How do we correct it? And does it affect the agreement of trial balance?

[@bmgtutorials4873]

Hello please I am just helping you out if you haven't gotten your problem solved.
Firstly, it is indeed an error
Secondly it is going to affect the agreement of the trial balance by debit shorting of double of the amount involved ie. 40,000
To correct this error, you go back and debit the discount received account to cancel off the amount to zero balance, then you now debit it correctly to discount allowed account which initially was supposed to be.

[@hybridaccounts]

And lastly, you credit SUSPENSE ACCOUNT

[@hybridaccounts]

DR Discount received 20,000
DR Discount allowed 20,000
CR Suspense. 40,000

[@misschristy3596]

Thank you very much🙂

[@jakapundakhakipapers2571]

we also have arithmetic error, wrong additions of entries on T.B this will make it not balance
otherwise good tutorials. watching from kenya

[@FOGAccountancyTutorials]

All that you mentioned are part of errors. Thanks

[@Catherinemwandalima-oj6qh]

Well done🔥🔥🔥🔥🔥🔥🔥

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Sir Thank u so much 💓 plz can u do company 🙏

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Teacher number one in Africa

[@user-yr2yn6ld6o]

Thank you for your help please I need More video

[@josephmanyasi627]

You are doing great job sir,be blessed 🙏

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Am ejoy ur lecture sir ❤🎉

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You are good bro

[@EdudjiElElyon]

Good evening sir
Please God bless you for the great and good work you are doing for us.
Please with all humility I want to know if the IAS 8 is in now. Thanks

[@aishapatel7364]

Best explanation🥰

[@ednessmasebo7921]

Thank you so much ❤️

[@ukamakaokorie38]

Sir I came across a topic called extended trial balance. And I don't understand it