Question
What do you mean by Suspense Account?
✓
Answer
Suspense Account is an account in which the difference of Trial Balance is placed temporarily till the errors are located and rectified.
Need a full question paper?
Generate a complete, print-ready paper with questions like this in minutes — across 16+ boards, with answer keys.
Explore more
Similar questions
List any two examples of Fixed Assets.
Following is the extract of Trial Balance as on 31st March, 2019:
Adjustment: Create a provision for Doubtful Debts @ 5% on Debtors. Pass necessary entry and show these items in the Profit and Loss Account and the Balance Sheet.
Adjustment: Create a provision for Doubtful Debts @ 5% on Debtors. Pass necessary entry and show these items in the Profit and Loss Account and the Balance Sheet.
What is Accumulated Depreciation?
Give two methods of providing Depreciation.
Under which accounting concept is Provision for Doubtful Debts made?
When does closing stock appear inside the Trial Balance?
What is meant by Unearned Income?
A limited company cannot maintain its accounts under Single Entry System. Why?
Write Short Notes on:
Hardware.
Hardware.
Debit balance in the Profit and Loss Account is a profit. Comment.