Land and buildings, and suspense accounts
ID:CVLBS

Video Overview

This tutorial will cover the treatment of land and buildings, and the use of suspense accounts and how these are cleared at the year end. In the past, land and buildings have been recorded at cost and then revalued when the market price is greater than the cost. In this tutorial we will add to our existing knowledge. A bookkeeper often creates suspense accounts when he or she is uncertain about which account to debit or credit. The suspense accounts need to be cleared at the year end and taken to the correct accounts.