what is a suspense account ??
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Answer / shubham
A suspence account is a artificial account which is used to
rectify an account........
| Is This Answer Correct ? | 18 Yes | 1 No |
Answer / t.selvun
Suspense account can be analysed as an account which arises
generally in two occasions one is during the course of
accounting and another is at the report processing.
First the suspense account arises in the course of accounting.
When an income is received or an expense is incurred and
that particular income or expense is not falling under the
standard 'head of accounts' as per the 'Chart of Accounts'
in system, the particular item is placed temporarily under
suspense account the same item can be conferred right head
of accounts in the later date.
Secondly the Suspense account arises during the process of
Reporting. When the final accounts are prepared and the
accountant is left with untallied trial balance (Mostly in
Manual system only) the difference in either Debit or Credit
is placed under Suspense Account until it is traced to save
time in waiting and to proceed further in the process,
provided the amount of suspense is not material i.e very
nominal with the magnitude of TB,
| Is This Answer Correct ? | 9 Yes | 1 No |
Answer / srikanthreddy.a
Suspense accounts is account The difference in the trial balance put temporally in the suspense account till it's rectified
| Is This Answer Correct ? | 5 Yes | 0 No |
Answer / n harini
In some times if any cash transactions are misplaced we will
called it as suspense accounts at the time of balance sheet
| Is This Answer Correct ? | 3 Yes | 3 No |
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i am working in pvt company as accountant. but i have one doubt in case of tds deduction. becouse we have paid Rs.25000/- to Just Dail Group account as a Advertisement Expences. I know Rules of Tds deduction Rule no: 194C any payment to contract (advertisement contract) must want to deduct tds (1.133%)if u paid advertisement expences more than Rs.20000/- (one time). but my doubt is this. how much our assessment value in this creditor. up to 20000 don't want to pay tds. r we only assessed value Rs.5000 (25000- 20000), ie Rs.56.65 or whole amount (25000)ie Rs.283.25. anybody can help me
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My question is.. I Received the amount from party through the bank. example. 1. Actual received from party $1000 @ 32.70 = 32,700 baht(service charge included ) 2. Bank Charge 500 baht 3. Given the credit to pary $ 1000 @ 32.50 = 32,500 baht 4. and bank charge 500 debit on party account also. .... For the First three transacion on account bank account dr 32200 bank charge dr 500 party cr 32,500 ex. fluxation cr 200 how can treate the 4th transaction. thanks in advance
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