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Sundry deposits and suspence account

Shobhit Jain (CA) (4892 Points)

18 May 2016

Explain the difference Sundry Deposits and Suspence Account ?

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3 Replies

Vinay somani (CA, CS) (Assistant Manager-Accounts) (549 Points)
Replied 19 May 2016

Sundry deposit means deposit made with parties of gov. authorities and others.

Suppense Account open when there is difference in Trail balance or we can can say u are not having details about any amt. that to whom it relates. in which ledger same should be posted.

mohammad rasool baig (Management Consultant) (1026 Points)
Replied 19 May 2016

Shobhit

Can I know the purpose for which you wanted to compare sundry deposits & suspense

because if you don't have the details of any business activity or accounting transactions it will be reflected in suspense even though if you mentioned it as sundry deposits or any other name in your BOA.