what is Suspence Account?
Answer Posted / ramesh
IF THE THROUGH CHECKING OF THE SUBSIDARY BOOKS, POSTING TO
LEDGER ACCOUNTS AND BALANCING OF ACCOUNTS HAS NOT HELPED TO
LOCATE THE THE ERRORS AND IN THE PREPARATION OF THE FINAL
ACCOUNTS CANNOT BE DELAYED THE DIFFFERENCE IN THE TRIAL
BALANCE MAY BE TRANSFFERED TEMPORARILY TO A SEPERATE
ACCOUNT CALLED SUSPENSES ACCOUNT OR DIFFERENCE IN BOOKS
ACCOUNTS.
IF THE DEBIT SIDE OF THE TRANSACTIONS EXCEEDS THE CREDIT
SIDE THE DIFFERENCE IS TO BE CREDITED TO SUSPENSE ACCOUNT
ON THE OTHER HAD IF THE CREDIT SIDE EXCEEDS THE DEBIT SIDE
IT HAS TO BE DEBITED TO SUSPENSE ACCOUNT.
THE SUSPENSE ACCOUNT APPEAR IN TRIAL BALANCE & IN BALANCE
SHEET.
| Is This Answer Correct ? | 29 Yes | 2 No |
Post New Answer View All Answers
deffered tax treatment in financial statements
Hi guys, If anyone have gone through the CAPITAL IQ-Junior Research Associate interview then plz let me know about its pattern..and if anyone hav its placement papers or any other information then plz post to me at arshadbasha_mba@rediffmail.com
what is capital market and money market? what is primary market and secondary market?
What is difference between cash flow and funds flow?
you went outside to purchase vegetagles, suddently big rain came then what you will do
hai everybody... wish u all the best for those who got selected in sbi associate bank is anyone from coimbatore region attending on 27th may 2009.
How do the standards assist the users of financial report?
emplementation of accounting standerds in Bangladesh, developing or copieng?
im preparing for the sbi clerical post please send me the solved questions.
PO Amount is 100000 Jv is Purpose A/c To Party A/c First payment is 10000 TDs is 1000 What is the Payment enter in tally
How to enter PO in SAP
Who is called consignor
What is revaluation of Accounts, how does it is accounted in business
what is Ratio Analysis ?
Which Exchange determine Foreign Exchange/Currency Rate?