Interested to Buy Any Domain ? << Click Here >> for more details...
how to pass entries for suspense account?
- 5 Answers
- 34138 Views
- Reliance Construction, I also Faced
- E-Mail Answers
Answers were Sorted based on User's Feedback
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 |
Rent paid out of your personal cash 3000 SAR
What is the general net worth percentage banks will observe while sanctioning the Loans for Tranding, Construction and Manufacturing units.
If vendor is deducting TDS amt while paying, how to pass entry inbooks. Will it be TDS recoverable/TDS payable a/c. kindly clarify
What do you mean by prepration of Balance sheet? how to explain this with example, please tell me if anybody knows this.
Dillution effect on EPS
My Books of Accounts started from January 2013, I have opening Bank Balance Rs.1000/- Owner says this amount paid by one client in December 2012 appear in bank statement What is Accounting entry for the Accounting 2013 ?
what is the process of correcting the balance sheet of the company?if the balance of balance sheet are not equal.
How to post advance paid to a supplier in oracle jd edwards
what is fictitious account?
how to pass journal entries for recivables & payables if they are paid next asses year
What is consignment cycle.?Explain the steps involved in the Consignmet..?
What is the meaing of holding Holding company?Give one example?
Audit 
