[zahrasohail1996]

No I don’t want you to solve question for me
I was confused bcz of wording of question
I want To know why don’t cost and NBV are subtracted from suspense account

[zahrasohail1996]

Included in the suspense account are the following receipts and payments. These
have been correctly recorded in the bank account:
Proceeds of selling land and buildings which had an original cost of
$1,200,000 and a net book value of $800,000. Proceeds of $2,100,000 have
been credited to suspense and no other entries have been made.

[zahrasohail1996]

Sir, I am stuck on the very first question.
On January 1, 2009 the company received a rent from tenant $9600 covering the six months to 31 December 2008
I want to ask how this $9600 are an asset. Shouldn’t it be a liability.
Moreover, is insurance an asset for a company?

[Author]

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