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Suspense Account Treatment


ashu gupta (accountant)     25 May 2020

ashu gupta
accountant 
 26 points

| My Other Post

We have received payments worth Rs.8 L in a FY but we dont know the parties so put it into suspense. Can we show suspense account into balance sheet or have to clear it??

avater

Asha Kanta Sharma (Manager - Finance & Accounts)     26 May 2020

Asha Kanta Sharma
Manager - Finance & Accounts 
 105 likes  5137 points

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You have to show it in Finance Statements.

prasad Nilugal (Accountant and GST Practitioner . )     26 May 2020

prasad Nilugal
Accountant and GST Practitioner .  
 309 likes  4642 points

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 you  must  Clear  Suspense account  before finalization  of   Accounts .  you can not continue with suspense account  after end of the financial  year . So clear It as early as possible .   

avater

Raj C Doshi (Practising CA)     26 May 2020

Raj C Doshi
Practising CA 
 198 likes  2790 points

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Approach your bank to provide copy of thr cheques pertaining to suspense entries and clear it. also, you can show it under sundry debtors on balance sheet and finalise if there is urgency but need to clear it asap.


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