Which of the following is correct sequence to rectify one-sided errors using suspense account?

(A) If the error has resulted in excess debit or short credit in the affected account, credit the account with the amount of excess debit or short credit.

(B) Identify the account affected due to error.

(C) Complete the journal entry by debiting or crediting the suspense account as another account affected otherwise.

(D) Ascertain the amount of excess debit/credit or short debit/credit in the affected account.

(E) If the error has resulted in excess credit or short debit in the affected account, debit the account with the amount of excess credit or short debit.

Choose the correct answer from the options given below.

(B), (D), (A), (E), (C)

The correct answer is option 2- (B), (D), (A), (E), (C).

When the errors are located and the specific accounts and amounts involved are identified, the amounts are transferred from suspense account to the relevant accounts thereby closing the suspense account. Thus, suspense account is not placed in any particular category of accounts and is just a temporary phenomenon. While rectifying one-sided errors using suspense account, the following steps are taken:

(B) Identify the account affected due to error.

(D) Ascertain the amount of excess debit/credit or short debit/credit in the affected account.

(A) If the error has resulted in excess debit or short credit in the affected account, credit the account with the amount of excess debit or short credit.

(E) If the error has resulted in excess credit or short debit in the affected account, debit the account with the amount of excess credit or short debit.

(C) Complete the journal entry by debiting or crediting the suspense account as another account affected otherwise.