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What is suspense account in preparing financial statements?
Suspense account is created to record all those transactions which have some information missing either of debit part of transaction or credit part of transaction until at later stage more clear information is available about transactions.
When do you have suspense in the bank reconciliation statement?
when debit and credit column is not match of bank account
How do you remove payment from suspense account to customers account?
payment in suspense to customers account as receivable account
Is a suspense account an income or expense account?
Suspense account is created as a temporary account for balancing the trial balance.Errors in accounting are depicted through trial balance when it comes unbalanced.For temporary rectification the unknown balance amount is treated as suspense amt and it can either be debit(Expense) or credit(Income).The unknown balance amount will be set-off during identification of the error via reversal entries.
Is suspense account is a nominal account?
Nominal accounts are closed at the end of each accounting year. In that sense, surely Suspense Account is a Nominal Account.
What is a suspense account?
1. In normal course of business or day to day working there are so many transections arrises of that nature under which one or more accounts are missing that may be debit account or credit account so to temporarily resolve these kind of transections instead of missing account information suspense account is used to temporarily balance the debit and credit side of transaction and latter as things clear these suspense accounts replaces with actual accounts.
What is suspense account in preparing financial statements?
Suspense account is created to record all those transactions which have some information missing either of debit part of transaction or credit part of transaction until at later stage more clear information is available about transactions.
When do you have suspense in the bank reconciliation statement?
when debit and credit column is not match of bank account
How do you remove payment from suspense account to customers account?
payment in suspense to customers account as receivable account
What is the suspense capital?
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. When the proper account is determined, the amount will be moved from the suspense account to the proper account.
What is suspense account?
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. When the proper account is determined, the amount will be moved from the suspense account to the proper account.
What is suspense account and method of rectify error?
what is suspense account ? please give me answer in detail... what is suspense account ? please give me answer in detail... suspense is when you make people wait for something before they tell you what it is
Is a suspense account an income or expense account?
Suspense account is created as a temporary account for balancing the trial balance.Errors in accounting are depicted through trial balance when it comes unbalanced.For temporary rectification the unknown balance amount is treated as suspense amt and it can either be debit(Expense) or credit(Income).The unknown balance amount will be set-off during identification of the error via reversal entries.
Is suspense account is a nominal account?
Nominal accounts are closed at the end of each accounting year. In that sense, surely Suspense Account is a Nominal Account.
What is a difference between suspense account and sundry account?
A suspense account is used to temporarily hold uncertain or unidentified transactions until they can be properly classified and recorded in the appropriate accounts. On the other hand, a sundry account is a general ledger account used to record small, infrequent, or miscellaneous transactions that do not fit into specific categories. The key difference is that a suspense account is a temporary holding account for transactions that require further investigation or clarification, while a sundry account is a permanent account for miscellaneous transactions.
How long does it take for counter credit to clear in your account?
37.5 hours 58 seconds
Chloe has a 2500 credit limit on her credit card and has charged 1295.19 to her account There is a 1.5 percent finance on the 1295.19 How much must Chloe pay the clear her account?
1314.62
