Question

1 point
8. Profit and Loss Suspense
account is shown in the new
Balance Sheet on
side. *
Debit
O Credit
O Asset
O Liabilities​

Answer 1

Answer:

There are certain transactions which requires more clarity or there are some errors which are not rectified before the finalization of accounts. All such entries are parked in a temporary account known as suspense account.

Suspense account will be shown in the balance sheet either on asset side or liabilities side, depending on the balance of suspense account.