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When is suspense account prepared

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When is suspense account prepared

Posted by Sanyam Bansal 6 years, 10 months ago

CBSE > Class 11 > Accountancy

3 answers

Gargi Dandavate 6 years, 10 months ago

When you are rectifying the entries after making the trial balance, you may come across some one sided errors like overcasting, recording twice, omission of posting etc. In such cases either you don't know the account where second effect of the entry is given or there can't be any such account that can possibly have the second effect (overcasting). In such cases suspense A/c comes into the scene.

Yash Gupta 6 years, 10 months ago

It is created whenever we didn't know where the amount had been debited or credited

Gaurav Seth 6 years, 10 months ago

A suspense account is an account in the general ledger in which amounts are temporarily recorded. The suspense account is used because the proper account could not be determined at the time that the transaction was recorded.

The suspense account is a general ledger account that acts as a holding account until the error is discovered or the unknown transaction is identified. When working with the trial balance, you can open one suspense account to hold all of the discrepancies until you find them.

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