what is Suspence Account?
Answer Posted / venkat
If we don't know which account will come under DR or CR
then we post "Suspense A/C". to the respective DR or CR.
| Is This Answer Correct ? | 16 Yes | 10 No |
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What is the value of inventory as per Financial Accounts (AS2) and as per Cost accounts? Someone told me that as per cost accounts only works costs is considered in CARR while for FA, AS2 is followed with cost or NRV whichever is lowewr? Please explain the difference.
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