What is suspense Account?
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Answer Posted / ramesh
IF THE THROUGH CHECKING OF THE SUBSIDARY BOOKS, POSTING TO
LEDGER ACCOUNTS AND BALANCING OF ACCOUNTS HAS NOT
HELPED TO
LOCATE THE THE ERRORS AND IN THE PREPARATION OF THE
FINAL
ACCOUNTS CANNOT BE DELAYED THE DIFFFERENCE IN THE
TRIAL
BALANCE MAY BE TRANSFFERED TEMPORARILY TO A
SEPERATE
ACCOUNT CALLED SUSPENSES ACCOUNT OR DIFFERENCE IN
BOOKS
ACCOUNTS.
IF THE DEBIT SIDE OF THE TRANSACTIONS EXCEEDS THE
CREDIT
SIDE THE DIFFERENCE IS TO BE CREDITED TO SUSPENSE
ACCOUNT
ON THE OTHER HAD IF THE CREDIT SIDE EXCEEDS THE
DEBIT SIDE
IT HAS TO BE DEBITED TO SUSPENSE ACCOUNT.
THE SUSPENSE ACCOUNT APPEAR IN TRIAL BALANCE & IN
BALANCE
SHEET.
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