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Profit and Loss Suspense A/C

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Guest

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Guest (Querist)
06 October 2007 Respected Sir/Madam

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?
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Ravikumar.G

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Ravikumar.G (Expert)
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.
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KAAPIL

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KAAPIL (Expert)
13 November 2007 Thanks.
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