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how is suspense a/c treated after it has been shown in the
trail balance ?
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Answer / h.r. sreepada bhagi
The entries in the Suspense A/c needs to be verified and
transferred to the correct A/c before taking the final Trial
Balance for preparing Financial Statements & Audit. Trial
Balance with balance in Suspense Ledger A/c is not correct.
It's temporary A/c to park the transactions not identified
while making the entry & hence, such transaction entries
should be transferred to the correct A/c with in the same
accounting period.
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