Question

14. After closing the accounts, one sided error is rectified through:
a) Drawing A/C
b) Capital A/C
c) Suspense A/C
d) Profit & Loss A/C
I​

Answer 1

Explanation:

Suspense Account

It is a temporary account and can have debit or credit balance depending upon the situation. While using the Suspense A/c to rectify the one-sided errors, the accountant needs to follow the following steps: Identification of the account with the error.