0
What else can I help you with?
How do you remove payment from suspense account to customers account?
payment in suspense to customers account as receivable account
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 suspence 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.
How do you record payment of debenture interest?
To record the payment of debenture interest, you need to make a journal entry that debits the interest expense account and credits the cash account. This reflects the outflow of cash for the interest payment. Additionally, if the interest is accrued but not yet paid, you may also need to adjust the accrued interest payable account accordingly. Always ensure that the amount recorded matches the terms specified in the debenture agreement.
Is suspense account a nominal account?
Not necessarily. It can be of any type. Real, Personal or Nominal.
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 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.
Why premium on redemption of debenture credit at the time of issue of debenture?
It is capital loss of the company. It comes only in the time when redeem debenture. It is shown when we issue the debenture because it is one of the redeemable condition. it is loss of future but comes in balance sheet as separate account the name of premium redemption account in liability side so, it is carried at the time of issue.
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 suspence 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 the purpose of profit and loss suspense account?
The suspense account is a balance used to force the trial balance to agree. Once the errors have been located the respective amounts are debited or credited out of the suspense account until the balance is zero.
Suspense account is a profit or loss?
It's neither. The suspense account is a balance used to force the trial balance to agree. Once the errors have been located the respective amounts are debited or credited out of the suspense account until the balance is zero.
How do you record payment of debenture interest?
To record the payment of debenture interest, you need to make a journal entry that debits the interest expense account and credits the cash account. This reflects the outflow of cash for the interest payment. Additionally, if the interest is accrued but not yet paid, you may also need to adjust the accrued interest payable account accordingly. Always ensure that the amount recorded matches the terms specified in the debenture agreement.
What is nature of interest on debenture?
The debentures of a company are a movable property, transferable in the manner provided by the Articles.
