Question

Can only one sided errors be fixed using suspense account? Can two sided errors be fixed using suspense account after preparation of trial balance?

Answer 1

Answer:

▶In the case of one-sided errors, if they are to be rectified through journal entries , the suspense account can be used for the required debit or credit depending upon the nature of error. For example , the purchase book is under cast by Rs. 500. Mostly arithmetical errors are rectified through suspense a/c.

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Answer 2

Answer:

Effectively a posting error – the suspense account is again involved. A trial balance error must affect the suspense account – but no ledger entry. This one needs thought.

Explanation:

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