Suspense accounts help needed
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danielle93
Registered Posts: 17
Hello everyone.
I am really struggling with the suspense accounts. I can't seem to understand how to calculate the balance after a suspense account has been opened. Also, how to close a suspense account. It seems there is a different method for every single exercise.
If anyone could help, that'd be great.
Many thanks
Danielle
I am really struggling with the suspense accounts. I can't seem to understand how to calculate the balance after a suspense account has been opened. Also, how to close a suspense account. It seems there is a different method for every single exercise.
If anyone could help, that'd be great.
Many thanks
Danielle
0
Comments
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In AAT examples, an entry in a suspense account usually arises when the trial balance doesn't balance. To make it balance, the missing debit or credit is added to a suspense account to fix the problem, temporarily. Note that this is a single-entry transaction (ie. not the usual double-entry).
Once the cause of the problem is resolved, the suspense account should end up with a zero balance. See media.wix.com/ugd/9a8e75_cc970ee39b30491aa1c04f9bd5079d85.pdf1
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