Profit and Loss Suspense A/C

This query is : Resolved

Guest

Guest (Querist)

06 October 2007 Respected Sir/Madam

I want to know what is 'Profit and Loss Suspense A/C' and is there any differance between Profit & Loss Suspense A/C' and 'Profit and Loss Adjustment A/C' which is prepared in partership to ascertain profit during the year?

Ravikumar.G

Ravikumar.G (Expert)
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06 October 2007 Profit and loss adjustment account which provides you tax workings, inadmisables, allowablity of partner's remuneration and allowablity interest on partner's capital and 234B & C workings and the net tax liability. I have not come across the "Profit and loss suspense account.