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Usage of Suspense Account

When all the ...

Question

When all the errors have been completely rectified the suspense Account will show ___ balance.

A

Debit

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B

Credit

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C

Nil

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D

None of the above

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Solution

The correct option is C
Nil

When all the errors have been completely rectified the suspense Account will show no balance.

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Similar questions

Q. When all the errors have been completely rectified, the suspense account will show a balance.

Q. There was a difference in the Trial Balance of M/s. Jain & Sons, prepared for the year ended 31st March, 2009. The accountant put the difference in Suspense Account.
The following errors were found:
(i) Purchases Return Book total ₹ 400 has not been posted to Ledger Account.
(ii) ₹ 5,100 spent on legal expense for the newly acquired Building was debited to the Building Account as ₹ 1,500.
(iii) A sale of ₹ 6,540 to Rajat has been credited to his account.
Rectify the errors and show the Suspense Account with Nil closing balance.

Q. If Trial Balance shows excess credit, suspense account will show a debit balance.

Q. If the trial balance shows a short credit the suspense account will have a ________ balance.

Q. Select the most appropriate alternatives from those given below and rewrite the sentence.

If the trial balance shows a short credit the suspense account will have a ________
a) debit
b) zero
c) credit
d) nil

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