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Suspense Account Treatment
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??
Replies (3)
You have to show it in Finance Statements.
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 .
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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