True or False
State whether the following statement is True or False with reason:
There is no need to open a Suspense Account if the Trial Balance agrees.
This statement is True.
When the trial balance agrees, it means debit side total is equal to the credit side total of balances of Ledger accounts. So, we can say that there is no need to open a Suspense Account if the trial balance agrees.
Concept: Preparation of Suspense Accounts
Is there an error in this question or solution?