30 April 2013
SUSPENSE ACCOUNT IS NOT USED UNTILL THE FINANCIAL YEAR ENDS AND THE BOOKS OF ACCOUNTS ARE CLOSED. AS FAR AS YOUR ENTRIES ARE CONCERNED THE ENTRY SHOULD BE AS GIVEN BELOW:-
ADVANCE TO TRANSPORT/TRAVELLING ADVANCES DR TO CASH/BANK A/C
AND AS AND WHEN THE ACTUAL AMOUNT IS KNOWN THEN THE ACTUAL EXPENSES SHOULD BE ADJUSTED WITH THE ADVANCES ACCOUNT USED.
01 May 2013
Richi Is Right. Suspense A/C does't have any space in accounts. Journal is already given by her so i am just showing you adjustment entry of given advance. Travelling Exp Dr. Bank A/C Dr ( Only if excess amt taken back) Travelling Adv A/C Cr. Bank A/C Cr ( Only if Adv Fall Short)
01 May 2013
SUSPENSE ACCOUNT IS USED WHEN THE TOTALS OF THE TRIAL BALANCE DOES NOT MATCH OR TALLY WITH EACH OTHER. A SUSPENSE ACCOUNT IS OPENED TO MATCH THE TRIAL BALANCE AND THEN THE CORRECTION ENTRIES ARE PASSED TO WRITE OFF THE SUSPENSE ACCOUNT
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