Suspense account
sachin xavier (11 Points)
20 December 2019
Is suspense account necessary in which the trial balance incorrect?
3 Replies
sabyasachi mukherjee
(27713 Points)
Replied 01 January 2020
It's for temporary purpose.
suspense account has no place in balance sheet.
suspense account has no place in balance sheet.
prasad Nilugal
( GST Practitioner & Accounts )
(14863 Points)
Replied 01 January 2020
yes ,you have to clear all suspense account before finalization of Accounts
Kapadia Pravin
(17264 Points)
Replied 01 January 2020
Suspense account in trial balance is ok for the time being but suspense account entries need to be sorted out before proceeding further for finalisation of P&L and Balance Sheet.
You can't carry forward suspense account (entries) balance to next year
You can't carry forward suspense account (entries) balance to next year
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