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Error Correction Entries

LKR 2000 interest charged from an Accounts Receivable (a debtor) on over due balance had been debited to Accounts Receivable(debtor's) account and credited to suspense account. I need it to be corrected.

Jordon from Sri lanka
There is a very simple formula to correct any error of entry. Think first the correct entry,

 Debtor Account Dr.  LKR 2000

 To Interest Account. LKR 2000

Then, see what did you do? You did ....

Debtor account Dr. LKR 2000

To Suspense Account.  LKR 2000

Now, you follow rectification procedure.

Correct Amount  is debited in Debtor Account, so no need to rectify it. But you did not record interest charged in interest charged account. That is the reason, your trial balance did not match and your sent same amount to suspense account.

Suspense Account Dr. LKR 2000

To Interest Account LKR 2000

will be the rectify entry. With this, your suspense account will remove and interest (payable) will be added.

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Accounting Education: Error Correction Entries
Error Correction Entries
Accounting Education
https://www.svtuition.org/2011/04/error-correction-entries.html
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