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journal entry of suspense account Related: What is Rectification of E...
The purpose of suspense account entries is to temporarily hold uncategorized transactions. ... For suspense account journal entries, open a suspense account in your general ledger. Enter the full amount in question. The format of suspense account entries will be either a credit or debit.
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Read the following hypothetical Case Study and answer the given questions:An accountant while balancing his books on 31st December 2016 found that there was a difference of ₹270 in the trial balance. Being required to prepare the final accounts he placed the difference to a newly opened Suspense A/c, which was carried forward to the next year when the following errors were discovered: Salary for the month of March was posted twice ₹155. Interest on investment collected by the bankers, were posted directly in concerned accounts through the pass book, but no entry was made in the bank column of the cash book ₹75. Rent of ₹350 received from Ashok credited both to Rent Account and Ashok Account. A purchase of a chair from Karnal Furniture Mart for ₹65 has been entered in the purchase book as ₹56. Old Machinery sold to the proprietor Keshav for ₹400 was entered in the Sales Book as sale to Kishore. Cash Purchases from Ajay ₹189 were recorded in Cash Book as well as in Purchases Book and posted from both. Closing Stock has been undervalued by ₹300. The Profit & Loss Account disclosed a net profit of ₹15,000 for the year ended 31st March 2016. Q. What will be the rectification entry of the salary for the month of march posted twice?

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journal entry of suspense account Related: What is Rectification of Errors??
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journal entry of suspense account Related: What is Rectification of Errors?? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about journal entry of suspense account Related: What is Rectification of Errors?? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for journal entry of suspense account Related: What is Rectification of Errors??.
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