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Suspense account is a temporary account which is maintained for transactions for which debit or credit side is not found instantly. Later when proper debit or credit is found suspense account is closed to that account.
A suspense Account is created for Transactions about which employees are not certain Means to say they are not Sure about the Correct head. It is a temporary account , once the correct head is Head is clarified the Amount is transferred to the original Account . It is a temporary Holding Account
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A suspense account is a temporary account which can be opened for a number of reasons. The most common reasons are as follows.
1. A trial balance is drawn up which does not balance is total debits do not equal total credits.
2.The bookkeeper of a business knows where to post the credit side of a transaction, but does not know where to post the debit etc.
In both cases, a temporary suspense account.is opened up until the problem is sorted out. Suspense accounts are also used to correct some errors..So a suspense account is an account showing a balance equal to the difference in a trial balance.
Suspense account, from the term itself, is a temporary account used for transaction with uncertainty about the proper account to be used for recording such transaction but once investigated or clarified, the suspense account would then be reclassified to its proper account title.
The suspense account is a general ledger account that acts as a holding account until the error is discovered or the unknown transaction is identified. When working with the trial balance, you can open one suspense account to hold all of the discrepancies until you find them.
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Suspense account is a temporary account used to in books of accounts, the purpose of suspense account is to make clear one side of the Dr. or Cr. transaction, for example if we have directly received some amount in bank from customer but name of the customer is not sure or billing details are not sure, in such case at least to make correct our bank account we will Dr. Bank and Cr. suspense so that the bank account is at least tally immediately. Later when we will find the details of customer accordingly we will
Cr. the customer and Dr. Suspense by doing so suspense account will get closed.
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A suspense account is an account in the general ledger that temporarily stores any transactions for which there is uncertainty about the account in which they should be recorded. Once the accounting staff investigates and clarifies the purpose of this type of transaction, it shifts the transaction out of the suspense account and into the correct account(s). An entry into a suspense account may be a debit or a credit.
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