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Suspense account
Is suspense account necessary in which the trial balance incorrect?
Replies (3)
It's for temporary purpose.
suspense account has no place in balance sheet.
suspense account has no place in balance sheet.
yes ,you have to clear all suspense account before finalization of Accounts
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
You can't carry forward suspense account (entries) balance to next year
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