Q383
Difference of total of debit and credit side of the trial balance is transferred to
A.
Suspense A/c
AnswerB.
Difference A/c
C.
P & L A/c
D.
Trading A/c
Answer: Option A
Solution
Answer: Option A
Solution:
Difference of total of debit and credit side of the trial balance is transferred to Suspense A/c. Suspense accounts are used when your trial balance is out of balance or when you have an unidentified transaction. The suspense account is a general ledger account that acts as a holding account until the error is discovered or the unknown transaction is identified.