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Suspense account

670 views 3 replies

sachin xavier

11 Points Posted on 20 December 2019

Is suspense account necessary in which the trial balance incorrect?

Replies (3)

sabyasachi mukherjee

Profession Business

28207 Points Posted on 01 January 2020

It's for temporary purpose.
suspense account has no place in balance sheet.

prasad Nilugal

GST Practitioner & Accounts

15085 Points Posted on 01 January 2020

yes ,you have to clear all suspense account before finalization of Accounts

Kapadia Pravin

17264 Points Posted on 01 January 2020

Suspense account in trial balance is ok for the time being but suspense account entries need to be sorted out before proceeding further for finalisation of P&L and Balance Sheet.

You can't carry forward suspense account (entries) balance to next year

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