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
- 9038 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
Define balancing in accounting?
We have purchased some good from our vendor and we asked them to transport the same to some address but they have raised a debit note to us for transportation instead of invoice. Same like we have given some order to manufacture for developing that product they have charged some amount for that also they have raised the debit note. How to account these type of debit notes in tally..?
In accounting equation what is the treatment of investment in shares??
if no production is take place at the start of a process in royalty accounting what will be the accounting procedure for that.
What is quality discount?????//// pls mail ur answers at my e - mail ID : kamalsodhi24@gmail.com
Ledger Enteries
Is buy or sale trade will impact on Nov? Yes/No Please explain.
Explain what is accrual accounting?
what is tribal area allowance means
If a promoter has purchased an asset on behalf of the company before the incorporation of the same then what will be the accounting treatment to record the asset in the books of company
what are the items falling under the category of reserves and surplus? whether bills of exchange is a reserves and surplus item 2.whther errors of omission will affect the trial balance
What's the accounting entry when an Invoice is created in AR?
What is account receivable?
Sir, I want to know about Entry Tax. I purchased the Packing Box from other state.the entry tax on the packing items is 5 %.but now sale tax deptt. close the entry tax on barrier. the tax will be deposited with return. sir we want to know can i deposit this entry taxon on CST challan or not. if not then how can i deposit, or which cloumn in return shown this amount. please send the return format my mail ID is happynlg@gmail.com
How Advances to suppliers for purchase of raw materials is to be considered while calculating Drawing Power
