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what is Suspence Account?
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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 |
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