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Income tax provision entry

05 October 2021

my 19-20 ki suspens account ki entry hum provision main leke uskay 20-21 main clear kar sakta hai kya keo ki suspens account rahe gaya hai 19-20 main under sundery debtor

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6 Replies

Giridhar S Karandikar (Team Lead) (7543 Points)
Replied 06 October 2021

If you are able to identify the nature of expense then you can definitely make provision for that and clear suspense account

Sayed Nabil (300 Points)
Replied 06 October 2021

Identify ho gaya hai 19-20 main is ko 20-21 laker kaise clear kare

Giridhar S Karandikar (Team Lead) (7543 Points)
Replied 06 October 2021

Identify the type of transactions posted in suspense and accordingly debit/credit suspense account to the respective GL and clear suspense account.

Sayed Nabil (300 Points)
Replied 06 October 2021

Sir ek example se samjhega plz

Giridhar S Karandikar (Team Lead) (7543 Points)
Replied 06 October 2021

Suppose there's a credit in the suspense account and you were able to identify that it was received from certain debtor say ABC then you need to post the below entry

Suspense Debit

To Debtor ABC

Same way if there's a Debit in suspense account and you were able to identify the vendor say PQR then you need to post the post the below entry

Vendor Dr

To Suspense Account

in this way you need to identify each Debit credit lying in suspense account and transfer it to respective Account Head and clear the suspense.