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Suspense account

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Querist : Anonymous

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Querist : Anonymous (Querist)
02 December 2011 plz any one can tell with example what is suspense account
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Pushkar Singh Mer

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Pushkar Singh Mer (Expert)
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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