Interested to Buy Any Domain ? << Click Here >> for more details...
What is suspence a\c? why it should not transferred to the
balance sheet?
- 4 Answers
- 9449 Views
- I also Faced
- E-Mail Answers
Answer Posted / h.r. sreepada bhagi
Suspense A/c is a ledger account to park the transactions
temporarily. At the time of recording any transaction
(generally payment or receipt) if the details are not
available, the amount will be debited or credited to
suspense account. It should be followed up with the
considered persons for information/details and the amo0unt
should be transferred to the correct ledger account through
journal entry once the required clarification or information
is received.
The correction should take place in the same accounting
period & the balance should be zero in this account as on
the date of Balance Sheet. Hence Suspense A/c should not
appear in the Balance Sheet of P&L Account for the
accounting period.
| Is This Answer Correct ? | 10 Yes | 3 No |
Post New Answer View All Answers
Suppose you buy a one-year government bond that has a maturity value of Rs.1000. The market interest rate is 8 per cent. (a) How much will you pay for the bond? (b) If you purchase the bond for Rs.904.98, what interest rate will you earn from this investment?
My company sent this party goods 62750 this goods is loss sundorbhan paribahan. how to create voucher
WHICH QUESTIONS ASKED IN EPFO IN 2009.
How create the invoices?
What is Bank Reconciliation Statement? How to calliculate in tally erp9.0?
What are the 4 types of ppe?
'Talk me through an example of how you have used data to improve your teams productivity.'
What is the entry to be passed on receiving the tds certificate in the books of the deductee?
a company recive 5 demand draft in different parties 2 DD sumittted to bank for collection and it's collected. what is the closing entry of other 3 DD in the company on that date?
What is a business transaction in accounting?
if I m taking a loan from bank of AED 20 lakhs @ 10.25% per annum for 10 years how much amount as intrest I need to pay in this 10 year period of time to bank.
What is cost accountancy? What are the objects of cost accountancy?
WHAT IS NPF IN ACCOUNTS. AN ENTRY IN BANK STATEMENT" NPF SOME NAME XXXX DR SIDE" PLEASE ANSWER WHAT IS NPF?
please send me banking question on my email ID as I have been selected for state bank of india .my email ID is sawant.supriya51@gmail.com
what is journal entries for Vehicle loan settled with bank after Sale of the vehicle on profit or loss in case the party paid check direct to Bank .......???
