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Is a suspense account a nominal account?

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Question added by Ahmed Saeed , Supply Chain and Purchasing Manager , Tuff Gear Ltd.
Date Posted: 2014/01/15
mukkur srinivasan varadhan
by mukkur srinivasan varadhan , Chartered Accountant , Chartered Accountant in practice

As such, suspense account is personal account only.After ascertaining the nature , the treatment has to be finalised and accounted..In the meantime , provision can be made for expenses incurred through suspense. account.

Brynn Bailey
by Brynn Bailey , National Operations Manager , NuMetro

A suspense A/c could be a Personal, Real or Nominal A/c depending on the situation. In case it was received on account of services you have rendered, it is an income account i.e. a nominal account. So suspense account can be of any type.

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