Accountancy, asked by patidarshreyash424, 7 months ago

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?
1 balance
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Answers

Answered by Anonymous

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When all the errors are detected and rectified, then the suspense account automatically gets balanced. However, when errors still exist and are not rectified, the suspense account will not balance off and the balance amount of the suspense account will have to be transferred to the balance sheet.

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