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Rectification of errors

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(Querist)
03 January 2015 what is suspense account?
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Deepak Arora

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Deepak Arora (Expert)
05 January 2015 It is a temporary account which is is created in two circumtances:

1. When your trail balance is not getting match (If you keep manual accounts)

2. When you do not know about the proper head of any particular transaction.

Ultimatally we need to clear this account before finalizing the balance sheet.

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