what is suspense account?

Answer Posted / srikar

when the trial balance not satisfied by the accounts create a
suspence account for that tempararily after rectifying the
accounts in ledger it will be cancelled

Is This Answer Correct ?    0 Yes 1 No



Post New Answer       View All Answers


Please Help Members By Posting Answers For Below Questions

What is the rate of penalty charged when the given Vat Cheque dishonoured?

2108


capital goods purchased from Singapore. payment made by bank in rupees. but the invoice value is in USD, How to make purchase entry in tally?

1183


What are the types of liabilities accounts?

703


Is there Disqualification of Auditor u/s 139 of Companies Act 2013 if the auditor is indebted towards the company to be appointed as an auditor, if amount exceeds more than Rs.1000 as against the provision related to Companies Act, 1956 ?

1394


what is accounting cycle ?

4949






Do you know what qualities and skills make an account manager successful?

739


Why are accounting standards necessary?

742


Regarding vat return,I have 3 units can i return at a time for 3 units vat return only one vat form. Kindly suggetion the same how to do.

2653


1. Why do wish to study in canada in the program for which you have been accepted? 2. What is your overall education goal? 3. Why are you pursuing a similar program in your country of residence/citizenship? 4. What research have you done into studies in your country of residence/citizenship? 5. How will this program enchance your employment opportunities in your country of residence? please send me all possible answer i hope your answer will help me a lot...

5572


What is the depreciation rates for all the assets?like plant & Machinery,computers,software,land & buildings

3966


What are the functions of manger -accounts and manager-finance?

718


Define dual aspect term in accounting?

729


get fixed assets items

1541


How to pass journal entry for payment of 20 % of outstanding income tax demand of AY 14- 15 of an company in the AY 18-19.

1238


What is liabilities and what all does include in current liabilities?

701