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Answer Posted / satya rao
Suspense a/c is temporary arrangement to tally trial
balance. We need to create suspense a/c as and when there
is a difference in particular transaction and we dont know
in which head it needs to be posted so we posted it in
suspense a/c and when we find out the real accounting head
then we transfer it to that particular head from suspense
a/c.
| Is This Answer Correct ? | 41 Yes | 3 No |
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Expand-------IETF
Received cheque Rs 250000 which is exclusive of 5% Security deposit 2.24% income tax and i% miscellaneous recovery. Pass necessary entry
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ACCOUNTING STANDARDS ISSUED BY INSTITUE OF CHARTERED ACCOUNTANCY INDIA FOR PREPARING FUND FLOW STATEMENT
The following Trial Balance was extracted from the books of Chetan.Do you think that it is correct? If not,rewrite it in the correct form. Debits Rs Credits Rs ------------------------------------------------------------ Stock |8250 | Capital |10000 Purchases |12750 | Sales |15900 Returns outward |700 |Returns inwards |1590 Discount received|800 |Discount allowed |800 Wages & salaries |2500 |Scooty |1750 Rent and rates |1850 |Carriage charges |700 Sundry debtors |7600 |Sundry Creditors |7250 Bank Overdraft |2450 |Bills payable |690
Office cash was stolen? state whether the following transcation is business transcation or non business transcation?
