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how to pass entries for suspense account?
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Answer / rituraj
Mostly suspense account is made whenever there is a loss of
any accounting information. Say for a purchase entry on the
cash book has been posted and no entry and the information
of Purchase is omitted then
Purchase A/c Dr.
To Suspense A/c
then it is adjusted in Profit and loss adjustment a/c
| Is This Answer Correct ? | 29 Yes | 7 No |
Answer / vasudeva
As every journal entry has two aspect debit and credit, if
any information is not avaialbe on one side of aspect then
suspens account can be recorded. if debit side no
information debit suspens ac or if credit side no
informatio credit suspens ac.
| Is This Answer Correct ? | 26 Yes | 6 No |
Suspense means unknown transaction. For exp, we have
received wire transfer without clear description, it means
unknow payment received from customer (unknown customer)
So the entry would be:
Bank Dr. *****
To suspenses account ******
| Is This Answer Correct ? | 28 Yes | 10 No |
Answer / abilasha
Suspance account means the receipt or payment is nor provide the details of party or company name on that time we will record the suspance a/c. The entry is in a bank statement without name one party deposit the amount to account on that time entry is
Suspance A/c ......dr
To.bank A/c.....Cr
Like this........ K.... this my opinion by experience
| Is This Answer Correct ? | 16 Yes | 7 No |
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