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Question
The difference of totals of both debit and credit side of trial balance is transferred to ____________.
Options
Trading account
Difference account
Suspense account
Miscellaneous account
MCQ
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Solution
The difference of totals of both debit and credit side of trial balance is transferred to Suspense account.
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Suspense Account
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RELATED QUESTIONS
Write a note on the suspense account.
While preparing the trial balance, the accountant finds that the total of the credit column is short by ₹ 200. This difference will be __________.
From the following balances, prepare trial balance of Baskar as on 31st March, 2017. Transfer the difference, if any, to the suspense account.
| Name of the account | ₹ | Name of the account | ₹ |
| Opening stock | 40,000 | Debtors | 25,000 |
| Capital | 90,000 | Carriage inwards | 16,500 |
| Sales | 1,77,200 | Bills receivable | 20,000 |
| Salaries | 12,000 | Commission received | 5,550 |
| Bills payable | 9,450 | Cash at bank | 17,000 |
| Telephone charges | 2,350 | Furniture | 19,000 |
| Creditors | 16,000 | Plant and Machinery | 55,800 |
| Purchases | 85,000 | Repairs | 550 |
