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Answer Posted / kumaraswamy
suspense account is only a parking accountlike sundry
deposit account. suspense is always a debit balance while
sundry a/c is a credit balance. the treatment in balance
sheet is suspense is shown as asset sundry a/c is a
liability.
the normal accounting rule is suspense a/c entries should
be cleared fast transactions should not be allowed to be
in suspense a/c for long.
| Is This Answer Correct ? | 7 Yes | 1 No |
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