In spite of all efforts by the accounting team for the agreement of Trial balance , the difference is palced temporarily in miscellaneous epense account . Whether the decision is correct? If not , name the account in which the difference should have been placed explaining the nature of the account?

In spite of all efforts by the accounting team for the agreement of Tr

1.	In spite of all efforts by the accounting team for the agreement of Trial balance , the difference is palced temporarily in miscellaneous epense account . Whether the decision is correct? If not , name the account in which the difference should have been placed explaining the nature of the account?
Answer» <html><body><p></p>Solution :The difference in trial <a href="https://interviewquestions.tuteehub.com/tag/balance-891682" style="font-weight:bold;" target="_blank" title="Click to know more about BALANCE">BALANCE</a> has beenwrongly placed in miscellaneous expenses accoiutn. Thus the decision is not correct.The differnce should have been placed in an <a href="https://interviewquestions.tuteehub.com/tag/account-25640" style="font-weight:bold;" target="_blank" title="Click to know more about ACCOUNT">ACCOUNT</a> <a href="https://interviewquestions.tuteehub.com/tag/titled-7716896" style="font-weight:bold;" target="_blank" title="Click to know more about TITLED">TITLED</a> suspense account . Suspense accont is <a href="https://interviewquestions.tuteehub.com/tag/neither-1113494" style="font-weight:bold;" target="_blank" title="Click to know more about NEITHER">NEITHER</a> an asset account, lnor a <a href="https://interviewquestions.tuteehub.com/tag/liability-541457" style="font-weight:bold;" target="_blank" title="Click to know more about LIABILITY">LIABILITY</a> account . It depends on whether the balance in suspense account is debit or creidit, it is placed accordinglyin the balance sheet.</body></html>

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In spite of all efforts by the accounting team for the agreement of Trial balance , the difference is palced temporarily in miscellaneous epense account . Whether the decision is correct? If not , name the account in which the difference should have been placed explaining the nature of the account?

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