What to do with suspense account given in trail balance

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What to do with suspense account given in trail balance

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What to do with suspense account given in trail balance

Suspense accounts are used when your trial balance is out of balance or when you have an unidentified transaction. The suspense account is a general ledger account that acts as a holding account until the error is discovered or the unknown transaction is identified. When working with the trial balance, you can open one suspense account to hold all of the discrepancies until you find them. However, suspense accounts are temporary accounts that must be closed by the end of your accounting cycle.

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What to do with suspense account given in trail balance

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What to do with suspense account given in trail balance for Class 12 2024 is part of Class 12 preparation. The Question and answers have been prepared according to the Class 12 exam syllabus. Information about What to do with suspense account given in trail balance covers all topics & solutions for Class 12 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for What to do with suspense account given in trail balance.

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