Spleta) What amount would need to be entered in the Suspense account? £233 b) On what side of the Suspense account would the entry be made? Credit 7 Identify which of the … SpletAnswer: The following is a brief explanation of the various columns of a trial balance: 1. Serial/Code No.: If there is a code no. of accounts that code no. is entered here; otherwise, the serial no. of ledger accounts is entered here. For example, 1, 2, 3, and so on. 2.

What is the purpose of a suspense account? - BYJU

SpletHe then opened a suspense account for the difference and began to check through the accounting records to find the difference. He found the following errors and omissions: $8,980 – the total of the sales returns book for September 20X8, had been credited to the purchases returns account. SpletQuestion-09: Suspense Account is basically what kind of account? Answer: Suspense Account is a temporary account. Question-10: When is the trial balance prepared? Answer: The trial balance is prepared at the end of the specified accounting period. Question-11: What is an error of omission? hardware stores near buckhead

Preparing a control account reconciliation - Studocu

SpletOnly one answer is strictly correct. This allows the examiner to mark candidates' responses in an objective rather than subjective fashion. This style of examination question has recently been adopted by the Institute … SpletSolution The purpose of a suspense account is for temporary recording of those transactions which cannot be identified at the time of recording of transactions. Also read: Suspense Account Learn about more questions and answers on business studies and various other commerce topics from our website. Download BYJU'S The Learning App Splet14. apr. 2024 · Momentum Metropolitan Holdings, formerly MMI Holdings, is a South African-based financial services group was established on 1 Dec 2010, through the merger of Metropolitan and Momentum. We are specialists in long and short-term insurance, asset management, savings, investments, healthcare administration, health risk management, … change pc display brightness