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What is suspense Account?
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Answer / laxman
suspense account is an account when the trail balance is
shown different between debit and cridet balance that time
the suspense account will use temperorly for equal debit
and credit balance for closing the financial accounts.
| Is This Answer Correct ? | 216 Yes | 24 No |
Answer / madhukarnaidu
Suspense Account is a temperory account which is used to
close the finalisation of accounts whenever the assets and
liabilities are not tallying for the time being.
| Is This Answer Correct ? | 179 Yes | 36 No |
Answer / parusharamudu
due to some reasons trial balance may not agree. then the
balancing amont transfer to a seperate account . such
account is called as suspense account.
| Is This Answer Correct ? | 64 Yes | 31 No |
Answer / ravi
trial balances debi & credit balances show differences then
they will be posted to a seperate a/c called as suspence a/c
| Is This Answer Correct ? | 45 Yes | 18 No |
Answer / puru
When trial balance does not tally , the difference is put
into a newly opened account named suspense account and the
trial balance is thus made to tally. In case , the debit
side exceeds the credit side the difference is put on the
credit side of suspense account . Likewise , if the credit
side of the trial balance exceeds the debit side , the
difference is put on the debit side of suspense account.
| Is This Answer Correct ? | 32 Yes | 12 No |
Answer / ramesh
IF THE THROUGH CHECKING OF THE SUBSIDARY BOOKS, POSTING TO
LEDGER ACCOUNTS AND BALANCING OF ACCOUNTS HAS NOT
HELPED TO
LOCATE THE THE ERRORS AND IN THE PREPARATION OF THE
FINAL
ACCOUNTS CANNOT BE DELAYED THE DIFFFERENCE IN THE
TRIAL
BALANCE MAY BE TRANSFFERED TEMPORARILY TO A
SEPERATE
ACCOUNT CALLED SUSPENSES ACCOUNT OR DIFFERENCE IN
BOOKS
ACCOUNTS.
IF THE DEBIT SIDE OF THE TRANSACTIONS EXCEEDS THE
CREDIT
SIDE THE DIFFERENCE IS TO BE CREDITED TO SUSPENSE
ACCOUNT
ON THE OTHER HAD IF THE CREDIT SIDE EXCEEDS THE
DEBIT SIDE
IT HAS TO BE DEBITED TO SUSPENSE ACCOUNT.
THE SUSPENSE ACCOUNT APPEAR IN TRIAL BALANCE & IN
BALANCE
SHEET.
| Is This Answer Correct ? | 23 Yes | 8 No |
Answer / maa
When the credit and the debit does not tally in a trial
balance, the account will be suspended until the credit and
debit tallies. This account which is suspended is called
suspense account.
| Is This Answer Correct ? | 31 Yes | 18 No |
Answer / lloyd j. pereira
An account that is used to store short-term funds or
securities until a permanent decision is made about their
allocation. These accounts are required in instances when
the decision process is lengthy.
| Is This Answer Correct ? | 24 Yes | 11 No |
Answer / savithri
When we are not knowing to entry in ledger a/c. that time
we are keeping entries is called suspense. in making
finalisation suspense a/c should be nil
| Is This Answer Correct ? | 15 Yes | 9 No |
Answer / syed arshad hussain
suspense account is an account used temporarily to carry
doubtful receipts and disbursements or discrepancies
pending their analysis and permanent classification
| Is This Answer Correct ? | 9 Yes | 5 No |
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