What is suspence a\c? why it should not transferred to the
balance sheet?
Answers were Sorted based on User's Feedback
Answer / 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 |
Answer / mazahar
simple answer
suspense account generally created when the expenses not
confirmed to original entry. once it confirm the expenses
then transfer to original account.
suspense a/c Dr
cash a/c cr
( suspense account for time being )
after defined the original entry (salary a/c)
salary ac Dr
suspense ac cr
Is This Answer Correct ? | 4 Yes | 1 No |
Answer / bhanuprasad gollapudi
SUSPENCE A/C IS WHEN TRAIL BALANCE DIFFERENCE IN DEBIT SIDE THEN THE ADJUSTMENT AMOUNT IS POST(SHOW) IN SUSPENCE ACCOUNT SO CALLED AS SUSPENCE ACCOUNT.
Is This Answer Correct ? | 1 Yes | 0 No |
Answer / mona
SUSPENSE :- NOT CLEAR SOME QUARIES WE PUT IN SUSPENSE WHEN
NOW ABOUT SESPENSE THEN IT CLEAR,
Is This Answer Correct ? | 5 Yes | 8 No |
WHAT IS THE LAST DATE OF HOUSE TAX SUBMITED , AND WHAT IS THE RATE OF HOUSE TAX ?WE PAID HOUSE TAX MCD OR ANY OTHER. PLEASE TELL ME.
How can you do credit control?
what is the finalisation of accounts,
What is a bank account balance?
What is difference between financial lease & operating lease (IAS 17)? Also pass the journal entry treatment for both the leases.
Trial balance as on 31st March, 2014 Particulars Debit Pula Particulars Credit Pula Wages 14 100 Dividends received 4 300 Salaries 13 000 Bank overdraft 41 000 Opening Stock 40 000 Returns 1 000 Machinery 49 000 Creditors 14 200 Investments 30 700 Sales 258 500 Drawings 23 000 Capital 30 000 Purchases 130 000 Returns 2 000 Debtors 18 000 Advertising 13 400 Interest 4 800 Cash 11 000 349 000 ======= 349 000 ======== Additional information: 1. Closing stock is valued at P53 000. 2. Wages include P350 being advance against wages. 3. Wages include P1 000 paid for erection of machinery. 4. A purchase of stationery for P430 has been inadvertently included in the Purchases account. 5. A sale of investments with a book value of P2 600 for P2 500 has been included in the Sales Account. 6. Salaries include P150 per month paid to the proprietor’s domestic servant. 7. Machinery is to be depreciated by 10 per cent. Required: a. The revenue statement (Trading and Profit and Loss Account) for the year ended 31st March 2014 and b. Statement of financial position (Balance Sheet) as on 31st March, 2014.
what do you mean by tds
what is mean by preliminary balance sheet and how did prepare the balance sheet what is the meaning of single entry & double entry system
What is Account receivable & Account payable ?
HOW WE TREAT WITH LAST YEAR PROVISION LIKE PROVISION FOR BED DEBTS AND DISCOUNT ON DEBTORS PLEASE MAKE A PROPER ENTRY.
Under which category in the balace sheet will closing stock appear
who is the supreme commander of Indian Armed Forces?