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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. - Book Keeping and Accountancy

MCQ
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.

Options

  • True

  • False

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Solution

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?
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APPEARS IN

Balbharati Book-keeping and Accountancy 11th Standard HSC Maharashtra State Board
Chapter 8 Rectification of Errors
Exercise Q.4 | Q 4 | Page 267
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