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What is suspence a\c? why it should not transferred to the
balance sheet?
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Answer Posted / h.r. sreepada bhagi
Suspense A/c is a ledger account to park the transactions
temporarily. At the time of recording any transaction
(generally payment or receipt) if the details are not
available, the amount will be debited or credited to
suspense account. It should be followed up with the
considered persons for information/details and the amo0unt
should be transferred to the correct ledger account through
journal entry once the required clarification or information
is received.
The correction should take place in the same accounting
period & the balance should be zero in this account as on
the date of Balance Sheet. Hence Suspense A/c should not
appear in the Balance Sheet of P&L Account for the
accounting period.
| Is This Answer Correct ? | 10 Yes | 3 No |
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