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What is suspence a\c? why it should not transferred to the
balance sheet?
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Answer / h.r. sreepada bhagi
Suspense A/c is a ledger account to park the transactions
temporarily. At the time of recording any transaction
(generally payment or receipt) if the details are not
available, the amount will be debited or credited to
suspense account. It should be followed up with the
considered persons for information/details and the amo0unt
should be transferred to the correct ledger account through
journal entry once the required clarification or information
is received.
The correction should take place in the same accounting
period & the balance should be zero in this account as on
the date of Balance Sheet. Hence Suspense A/c should not
appear in the Balance Sheet of P&L Account for the
accounting period.
| Is This Answer Correct ? | 10 Yes | 3 No |
Answer / mazahar
simple answer
suspense account generally created when the expenses not
confirmed to original entry. once it confirm the expenses
then transfer to original account.
suspense a/c Dr
cash a/c cr
( suspense account for time being )
after defined the original entry (salary a/c)
salary ac Dr
suspense ac cr
| Is This Answer Correct ? | 4 Yes | 1 No |
Answer / bhanuprasad gollapudi
SUSPENCE A/C IS WHEN TRAIL BALANCE DIFFERENCE IN DEBIT SIDE THEN THE ADJUSTMENT AMOUNT IS POST(SHOW) IN SUSPENCE ACCOUNT SO CALLED AS SUSPENCE ACCOUNT.
| Is This Answer Correct ? | 1 Yes | 0 No |
Answer / mona
SUSPENSE :- NOT CLEAR SOME QUARIES WE PUT IN SUSPENSE WHEN
NOW ABOUT SESPENSE THEN IT CLEAR,
| Is This Answer Correct ? | 5 Yes | 8 No |
sIR, DEAR SIR, WE ARE PREPARING EXPORT INVOICES AT THE TIME OF INVOICE PREPARATION WE MENTIONED EXCISE, EDN CESS AND SH EDN CESS AMOUNT ALSO IS IT CORRECT ARE NOT BUT I THINK WHEN MATERIAL SOLD EXPORT EXCEMPTION FROM EXCISE, EDN CESS AND SH EDN CESS WHICH EVER IS CORRECT. PLEASE CLARIFY MY DOUT. ADVANCE THANKING YOU,
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