Suspense account
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
26 January 2012
rs 2000 has been shown in trial balance as suspense a/c credit side and in additional information it is given rs 2000 represents cash received for sale of machinery .cost of machinery was rs 5000 and accumulated depreciation 4000 .how to close suspense account and should i also change balances of total machinery and accumulated depreciation or they are already adjusted regarding this.
12 May 2012
Sale of Machinery A/c Dr. 5,000
To Machinery A/c 5,000
Accumulated Depreciation A/c Dr. 4,000
To Sale of Machinery A/c 4,000
Suspense A/c Dr 2,000
To Sale of Machinery 2,000
Sale of Machinery A/c Dr 1,000
To Profit on Sale 1,000
Profit on Sale A/c Dr 1,000
To P&L A/c 1,000
To Machinery A/c 5,000
Accumulated Depreciation A/c Dr. 4,000
To Sale of Machinery A/c 4,000
Suspense A/c Dr 2,000
To Sale of Machinery 2,000
Sale of Machinery A/c Dr 1,000
To Profit on Sale 1,000
Profit on Sale A/c Dr 1,000
To P&L A/c 1,000
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