Suspense account
This query is : Open
Querist : Anonymous
Querist :
Anonymous
(Querist)
02 December 2011
plz any one can tell with example what is suspense account
20 December 2011
Suspense account is used temporarily when proper account is not known at the time of recording transaction. E.g. We issued a cheque to someone, but his name we forget to write in counterfoil, we will debit cheque amount to suspense account. When we will come to know party name will we move cheque amount from suspense account to party account to whom we issued cheque.
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