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?
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.
CAclubindia
