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After preparing the trial balance the accountant finds that the total of debit side is short by Rs. 1,500. This difference will be
- a)Credited to suspense account
- b)Debited to suspense account
- c)Adjusted to any of the debit balance account
- d)Adjusted to any of the debit balance in account
Correct answer is option 'B'. Can you explain this answer?
Most Upvoted Answer
After preparing the trial balance the accountant finds that the total ...
Explanation:
When the total of the debit side in the trial balance is short, it means that some of the debit entries have been omitted or undercast. In such a case, the difference is entered in the suspense account.
The suspense account is a temporary account used to record the difference between the debit and credit sides of the trial balance. It is used to hold the difference until it can be identified and corrected.
In this case, since the total of the debit side is short, the difference of Rs. 1,500 will be debited to the suspense account. This means that the suspense account will be credited with Rs. 1,500 to balance the entry.
Once the error is identified, the suspense account will be adjusted accordingly. The error may be corrected by adjusting any of the debit balance accounts or by posting a new entry. Once the error is corrected, the suspense account will be closed and the balance will be transferred to the correct account.
Conclusion:
In conclusion, when the total of the debit side in the trial balance is short, the difference is entered in the suspense account. The suspense account is used to hold the difference until it can be identified and corrected. Once the error is identified, the suspense account will be adjusted accordingly. In this case, since the total of the debit side is short, the difference of Rs. 1,500 will be debited to the suspense account.
When the total of the debit side in the trial balance is short, it means that some of the debit entries have been omitted or undercast. In such a case, the difference is entered in the suspense account.
The suspense account is a temporary account used to record the difference between the debit and credit sides of the trial balance. It is used to hold the difference until it can be identified and corrected.
In this case, since the total of the debit side is short, the difference of Rs. 1,500 will be debited to the suspense account. This means that the suspense account will be credited with Rs. 1,500 to balance the entry.
Once the error is identified, the suspense account will be adjusted accordingly. The error may be corrected by adjusting any of the debit balance accounts or by posting a new entry. Once the error is corrected, the suspense account will be closed and the balance will be transferred to the correct account.
Conclusion:
In conclusion, when the total of the debit side in the trial balance is short, the difference is entered in the suspense account. The suspense account is used to hold the difference until it can be identified and corrected. Once the error is identified, the suspense account will be adjusted accordingly. In this case, since the total of the debit side is short, the difference of Rs. 1,500 will be debited to the suspense account.
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After preparing the trial balance the accountant finds that the total ...
As the suspense account is temporary management account ;it is used to rectify the amount hence when the debit side is short by 1500 suspense account is debited by 1500 to correct errors and tally the problem
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After preparing the trial balance the accountant finds that the total of debit side is short by Rs. 1,500. This difference will bea)Credited to suspense accountb)Debited to suspense accountc)Adjusted to any of the debit balance accountd)Adjusted to any of the debit balance in accountCorrect answer is option 'B'. Can you explain this answer?
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After preparing the trial balance the accountant finds that the total of debit side is short by Rs. 1,500. This difference will bea)Credited to suspense accountb)Debited to suspense accountc)Adjusted to any of the debit balance accountd)Adjusted to any of the debit balance in accountCorrect answer is option 'B'. Can you explain this answer? for Commerce 2025 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about After preparing the trial balance the accountant finds that the total of debit side is short by Rs. 1,500. This difference will bea)Credited to suspense accountb)Debited to suspense accountc)Adjusted to any of the debit balance accountd)Adjusted to any of the debit balance in accountCorrect answer is option 'B'. Can you explain this answer? covers all topics & solutions for Commerce 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for After preparing the trial balance the accountant finds that the total of debit side is short by Rs. 1,500. This difference will bea)Credited to suspense accountb)Debited to suspense accountc)Adjusted to any of the debit balance accountd)Adjusted to any of the debit balance in accountCorrect answer is option 'B'. Can you explain this answer?.
After preparing the trial balance the accountant finds that the total of debit side is short by Rs. 1,500. This difference will bea)Credited to suspense accountb)Debited to suspense accountc)Adjusted to any of the debit balance accountd)Adjusted to any of the debit balance in accountCorrect answer is option 'B'. Can you explain this answer? for Commerce 2025 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about After preparing the trial balance the accountant finds that the total of debit side is short by Rs. 1,500. This difference will bea)Credited to suspense accountb)Debited to suspense accountc)Adjusted to any of the debit balance accountd)Adjusted to any of the debit balance in accountCorrect answer is option 'B'. Can you explain this answer? covers all topics & solutions for Commerce 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for After preparing the trial balance the accountant finds that the total of debit side is short by Rs. 1,500. This difference will bea)Credited to suspense accountb)Debited to suspense accountc)Adjusted to any of the debit balance accountd)Adjusted to any of the debit balance in accountCorrect answer is option 'B'. Can you explain this answer?.
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After preparing the trial balance the accountant finds that the total of debit side is short by Rs. 1,500. This difference will bea)Credited to suspense accountb)Debited to suspense accountc)Adjusted to any of the debit balance accountd)Adjusted to any of the debit balance in accountCorrect answer is option 'B'. Can you explain this answer?, a detailed solution for After preparing the trial balance the accountant finds that the total of debit side is short by Rs. 1,500. This difference will bea)Credited to suspense accountb)Debited to suspense accountc)Adjusted to any of the debit balance accountd)Adjusted to any of the debit balance in accountCorrect answer is option 'B'. Can you explain this answer? has been provided alongside types of After preparing the trial balance the accountant finds that the total of debit side is short by Rs. 1,500. This difference will bea)Credited to suspense accountb)Debited to suspense accountc)Adjusted to any of the debit balance accountd)Adjusted to any of the debit balance in accountCorrect answer is option 'B'. Can you explain this answer? theory, EduRev gives you an
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