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)
15th Jan, 2021
Hello,
A suspense account is a catch-all section of a general ledger used by companies to record ambiguous entries that require clarification. Suspense accounts are routinely cleared out once the nature of the suspended amounts are resolved, and are subsequently shuffled to their correctly designated accounts.
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