Revenue Expenditure Suspense Account

Jun 2nd, 2015
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Northwestern State University of Louisiana
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Suspense Account: If errors like Compensation, Omission, Commission & Principle are not possible to locate then the difference of balance is transferred to separate account called as suspense account to tally both the totals. Hence suspense account is later eliminated when the errors are located.

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ACCOUNTANCY Suspense Account:If errors like Compensation, Omission, Commission & Principle are not possible to locate then the difference of balance is transferred to separate account called as suspense account to tally both the totals. Hence suspense account is later eliminated when the errors are located.Ledger:Those recorded journal entries are first classified and are grouped into by preparation of separate accounts in ledger. These accounts show a consolidated view of all recorded entries and are posted into their respective ledger accounts.Capital Expenditure:Expenditure of whi

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