how to pass entries for suspense account?
Answer Posted / 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 |
Post New Answer View All Answers
what is the difference between profit center area and business are.? please make me clear.
what is tax deducted at source
what do you maen by Expected rate of return ? Is there any formula for expected rate of return? what is systematic & unsystematic risk ? how to calculate both the risk?
What is Debit Note and Credit Note? Subsidory Books? Minority Interest? Stock recording in P&L? Outstanding Expenses, Prepaid Expenses and Examples?
What is the important of computerized accounting to manual?
purchase return liability or asset?should it be included in the balanced sheet?
What is departmental accounting? Give an example
Explain what knowledge should financial accountant have?
Explain how you can adjust entries into account?
what is the entry for toll gate fee
A Lorry driver damaged shed shutter and we deduct 2000/- from his freight amount now what is the head for the Deducted amount?
The following are the list of Balances of SUNSHINE Company as at 1.2.2012 RM Land and building 450,000. Furniture and Fittings 35,000. Office Equipment 25,000. Motor Vehicles 75,000. Inventory 5,000. Trade Receivables 12,000. Trade Payables 8,000. Bank Loan 200,000. Bank 13,000. Cash in Hand 1,000. Capital 408,000.
Tell us what is the abbreviation for the accounting terms debit and credit?
in Sensex and Nifty, what is the measure to take the points
What is the purpose of accounts like e.g. expense accounts assigned a account number 0040, principal account assigned anumber 0060.In our general ledger software such numbers are assigned.I want to know how these numbers (accounts) help in maintaing accounts of a company (like bank reconciliation).