urgent
Teach me suspense account
Hi Arijit, Suspense Account is used to rectify the single-sided or one-sided errors. Those errors which may affect the agreement of Trial Balance are known as Single-Sided Errors or One-Sided Errors. These errors affect only one account and due to which both the columns of Trial Balance never match with each other. Partial Omission, Undercasting or Overcasting of an account, Balancing mistakes, etc. are some of the single-sided errors. Also, this topic is extensively covered in our study material. You can go through the following path. Select the Subject(Accountancy) --> Study--> Study Material--> Book 1(Financial Accounting Part-I)--> Chapter- 6(Trial Balance and Rectification of Errors)--> Lesson- 10(Errors affecting the Trial Balance and Suspense Account) and Lesson 11(Rectification of Errors affecting Trial Balance) We will advise you go through it once. In case of any difficulty do get back to us. Keep Posting!!! p