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What is suspense Account?
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Answer / hashim bim ali
unless the difference in the trial balance quickly located
it is usual to put all the difference to a suspense account
in order at least to make the trial balance look balanced.
if the debit side of the trial balance is short, the
suspense account will be debited by saying"to difference in
the trial balance, and similaryly credit side will be
credited if credit side is short.
| Is This Answer Correct ? | 28 Yes | 26 No |
Answer / petronella
is when the trial balance does not balance and the
suspense account is opened inthe ledger and also in the
trial balance to balance it
| Is This Answer Correct ? | 6 Yes | 4 No |
Answer / dhanalakshmi
When there is a discrepancy found between the debit and
credit balances in the trial balance, then a separate
account will be created for the differece amount. And that
account is called as Suspense a/c.
| Is This Answer Correct ? | 2 Yes | 0 No |
Answer / luv
suspense account is a temporary account which is being
opened if we dont know the party name if chq is recievd on
account of sale and paid on account of purchaseso that we
can trace the difference and make it coorect the entry in
future by replacing the party name therein
| Is This Answer Correct ? | 1 Yes | 0 No |
Answer / sayam jain
An account prepared to maintain the difference amount of the
trial balance.
| Is This Answer Correct ? | 1 Yes | 0 No |
Answer / hari.l.prasad.
suspense account is a temperory account.which is used to
close the finalisation of accounts whenever the
assets&liablities are not tallying for the time being.
| Is This Answer Correct ? | 0 Yes | 0 No |
Answer / nikhil manohar t
A suspense account is an account in the general ledger in
which amounts are temporarily recorded. The suspense account
is used because the proper account could not be determined
at the time that the transaction was recorded. When the
proper account is determined, the amount will be moved from
the suspense account to the proper account.
| Is This Answer Correct ? | 2 Yes | 2 No |
Answer / sajili sahai
In accountancy, a suspense account is an account used temporarily to carry doubtful receipts and disbursements or discrepancies pending their analysis and permanent classification.
It can be a repository for monetary transactions (cash receipts, cash disbursements & journal entries) entered with invalid account numbers. The account specified may not exist, or it may be deleted/frozen. If one of these conditions exist, the transaction should be directed to a suspense account.
A suspense account is an account in the general ledger in which amounts are temporarily recorded. The suspense account is used because the proper account could not be determined at the time that the transaction was recorded. When the proper account is determined, the amount will be moved from the suspense account to the proper account.
| Is This Answer Correct ? | 0 Yes | 0 No |
Answer / blackpencil
when errors affect the balancing of the trial balance,the trial balance totals can be made to agree with each other by inserting the amount of the difference between the two totals in a suspense account.
| Is This Answer Correct ? | 0 Yes | 0 No |
Answer / rahul
Trial balances debit & credit balances show differences then
they will be Created to a seperate a/c called as suspense a/c
| Is This Answer Correct ? | 0 Yes | 0 No |
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