Question

What is a suspense account? Is it necessary that is suspense account will
balance off after rectification of the errors detected by the accountant? If
not, then what happens to the balance still remaining in suspense account?

Answer 1

Following is your answer

Explanation:

• If the total of the trial balance does not really match the time of closing the account book, the accountant matches the balance of the trail by managing the differences on the shorter side as a suspense account
• It is posted in the assets side of the balance sheet when the suspense account appears in the debit side
• Also, it is posted in liabilities side of the balance sheet when it appears in the credit side

Learn more about suspense account here:

What is suspense account​

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Answer 2

Answer:

If the total of the trial balance does

not really match the time of closing

the account book, the accountant

matches the balance of the trail by

managing the differences on the

shorter side as a suspense account

It is posted in the assets side of the

balance sheet when the suspense

account appears in the debit side

Also, it is posted in liabilities side of

the balance sheet when it appears in

the credit side