Answer Posted / h.r. sreepada bhagi
When information is not clear or complete to identify a
transaction with a particular account, it can be parked in
an account called 'Suspense Account'. Once the necessary
information is received, journal entry needs to be passed to
transfer the effect to the current account. All the
transactions in this account should be transferred to the
correct accounts before preparing the Final Accounts.
Suspense A/c is an account to park the transactions till
they are identified to the correct a/c.
| Is This Answer Correct ? | 21 Yes | 1 No |
Post New Answer View All Answers
what is journal entries for Vehicle loan settled with bank after Sale of the vehicle on profit or loss in case the party paid check direct to Bank .......???
Why does the accounting equation have to balance?
What are the rules for debit and credit for different accounts to increase the amount in your business accounts?
Tell me what are things will not be included in bank reconciliation statement?
in Tally what is cost cenre,cost categori and why we need to prepare them
what made you take up present subject/area of specialization and what would you define as your career objectives
I am a Leaving Cert Student. From Solutions to exam questions etc. I know what to do with the following adjustment but I cannot explain why. A thypical Adjustment is: A building is acquired for €60000 plus VAT at 10%. The amount paid to the Vendor was entered in the Buildings Account. No entry made in the VAT account. Could you explain why the VAT amount is deducted from the VAT amount in the TB? And why it is sometimes an Asset in the BS. Thank you, Mary
Apportionment of expenses
example wrongly financial statments showing vat refund (under Advances) for the finanical year 08-09 , but present assement year after assement by cto given vat refund more than ledger showing balance then decided to every month set off vat payable to vat refund(advance) but more than recoverd compare with company and cto then what is the entry to be take.
Explain me how much mathematics knowledge is necessary or required in accounting?
What is an interest rate swap
Hai i have completed MBA in HR(major) And Marketing (minor). Now applying FInance if it possible please tell me
Tell About ur self what will i say plz help me
Define scrap value in accounting?
What is cotangent Account?
