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When the totals of the debit side and credit side of trial balance do not match each other we transfer this difference to the suspense account.
Trial balance suspense account. If the credits in the trial balance are larger than debits record the difference as. The suspense account can hold the difference that led to the trial balance not balancing until the discrepancy is rectified. A suspense account is a temporary.
A Discount received is a credit entry in the trial balance credit balance. The Trial Balance and the Suspense Account One situation in which having a suspense account comes in handy is when you are preparing your trial balance. Leaving Certificate Accounting Higher Level.
A trial balance is a Trial to balance the accounts. The trial balance is the closing balance of a given account calculated at the end of a certain reporting period. On extracting a trial balance the accountant of ETT discovered a suspense account with a debit balance of 1075 included therein.
We prepare a suspense account after preparation of trial balance. She also found that the debits exceeded the credits by 957. There is a difference in a trial balance and a suspense account is opened with the amount of the difference so that the trial balance agrees pending the discovery and correction of.
Its calculation forms part of the accounting cycle. An electricity bill of 430 had been recorded in the electricity account as 340. Journal entries are then made to correct the following types of errors.
The following errors were later discovered. Another instance in which having a suspense account comes in handy is when a trial balance is out of balance meaning the debit and credit columns do not match. In other words its an account where the difference between the two sides of the trial balance is temporarily posted until the.
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