Is suspense account made after the books of accounts are closed or while preparing? or both is OK?
Question
Is suspense account made after the books of accounts are closed or while preparing? or both is OK?
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Mathematics
2 years
2021-06-22T02:43:13+00:00
2021-06-22T02:43:13+00:00 2 Answers
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Answers ( )
Answer:
A suspense account is an account where you record unclassified transactions. The account temporarily holds entries while you decide how you will classify them. A suspense account can also hold information about discrepancies as you gather more data.
Answer:
I prefer making the suspense a/c wile preparing the books of accounts
Explanation:
The reason being that I don’t miss out on it while searching through the trial balance