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What Does Suspense Account Mean?
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Answer Posted / lakshmi narayana
the purpose of preparing trail balance to know the
arithemetical accuracy of an organisation at a given period
by posting the ledger balances,side by side. Due to some
errors made by the clerical staff dr N cr balances of trail
balance would not tally. To overcome this one temperary a/c
is prepared and the difference bal should be delivered to
that a/c.It enables the org to move forward to prepare other
a/c s like trading and p&l a/s and balance sheet to know the
financial position of the co.After the errors have been
rectified then the bal in susprense should be nullified.
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Fiscal year variant F1 has 6 posting periods and fiscal year variant F2 has 4 posting periods. The posting have different start and ending dates.assign posting period variant F1 is assigned to leading ledger (0L) and F2 is assigned to the non-leading ledger(N1). You get an error message when making a posting in the non-leading ledger.?( any 1 answer) • The posting period variant of the non-leading ledger and the leading are different • The fiscal year variant of the non-leading ledger and the leading ledger are different • The posting is being made in a special period, but both variants are examples of a shortened fiscal year • The posting period for the non leading ledger group”N1” is closed
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