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what is Suspence Account?
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Answer / 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.
| Is This Answer Correct ? | 29 Yes | 2 No |
Answer / sanjay
due to some reasons trial balance maynot agree the
balance ,then the balance amount temporary account . such
account is called suspence account.
| Is This Answer Correct ? | 9 Yes | 1 No |
Answer / venkat
If we don't know which account will come under DR or CR
then we post "Suspense A/C". to the respective DR or CR.
| Is This Answer Correct ? | 16 Yes | 10 No |
Answer / jo
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.
| Is This Answer Correct ? | 5 Yes | 0 No |
Answer / enoishi
Its made when the Dr:and CR: sides of a trial balance have
not balanced as its a rule for them to balance.
| Is This Answer Correct ? | 5 Yes | 1 No |
Answer / steve-ku
Suspense account is used to record or post the difference in
the trial balance when it fail to balance and no immediate
error can be accounted for.
| Is This Answer Correct ? | 4 Yes | 0 No |
Answer / venkat from warangal
Temporary account (i.e., not included in the financial
statements) for recording part of a transaction, such as
those involving receipts or disbursements, prior to final
analysis or identification of that transaction.
| Is This Answer Correct ? | 3 Yes | 3 No |
Answer / renu
Suspence account: its a temporary account for which u
cannot trace the source.
| Is This Answer Correct ? | 1 Yes | 1 No |
Answer / lakshmi
there is any difference in trail balance that is in debit
side or credit side that amount is tranfered to suspence
a/c it is temporary a/c
| Is This Answer Correct ? | 1 Yes | 1 No |
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