Which account is generally used for rectification of errors?

Memorandum account

No worries! We‘ve got your back. Try BYJU‘S free classes today!

Suspense account

Right on! Give the BNAT exam to get a 100% scholarship for BYJUS courses

Rectification account

No worries! We‘ve got your back. Try BYJU‘S free classes today!

Adjustment account

No worries! We‘ve got your back. Try BYJU‘S free classes today!

Open in App

Solution

The correct option is B Suspense account
Option B is correct answer.
Even if trial balance does not tally due to the existence of one sided errors, accountant has to carry forward his accounting process to prepare financial statements.
The accountant tallies his trial balance by putting the difference on shorter side as "suspense account". This is an account which is usually used to rectify one sided errors in the trial balance.

Suggest Corrections

Similar questions

For rectification of which of the following errors, suspense account is used?

Rs 1000 paid for repairs to building have been debited to Building account. Which account shall be debited while rectification?

8, 000

15, 000

Join BYJU'S Learning Program