Archive about 'Control Accounts'

List Of Topics Under The Heading Control Or Total Accounts

Click to the respective topic:

Content Page On Control or Total Accounts

Understand what is Total Or Control Account

Total Debtors Accounts Versus Individual Ledgers

QUESTION BANK:

Question CO1 On Control Accounts

Answer to Question No CO1 On Control Accounts

Question No [...]

Answer To Accounting Test No CO 2 On Control Accounts

Append below the answer to Accounting Test No CO 2 on Control Accounts:

ANSWER To Accounting Question No. CO 2 On Control Accounts
(a) Purchases & Sales Ledger Control Accounts:

Purchases Ledger Control Account

Debit($)

Credit($)

2008

July 1 Balance b/d

186

July 1 Balance b/d

17,960

July 31
Returns outwards

1,024

July 31
Credit Purchases

49,216

Discount received

1,045

Balanced c/d

212

Payment to supplier

47,310

Contra

450

Balance c/d

17,373

67,388

Aug 1 Balance b/d

212

Aug 1 Balance b/d

17,373

Sales Ledger Control [...]

Accounting Test Question No.CO 2 On Control Accounts

Another example of accounting question on Control Accounts:

Accounting Question Test CO No.2 On Control Accounts

Question:
Jim keeps control accounts for his Purchases and Sales Ledgers. He extracted the following balances from her books of accounts for the month of July 2008:

1st July

Purchase Ledger balance

Dr $186

Cr $17,960

Sales Ledger balance

Dr $28,240

Cr $235

31st July

Purchase on credit

$49,216

Cash purchases

$4,820

Sales on credit

$63,140

Cash [...]

Answer To Accounting Test Question CO No. 1 On Control Account

Answer to Accounting Test Question CO No.1:

(a) Purchases Ledger Control Account

2004

Oct 1

Balance b/d

324

Oct 1

Balance b/d

24,695

2005

Sept 30

Bank

64,320

Sept 30

Credit purchases

70,394

Discount received

1,717

Balance c/d

563

Returns outwards

1,222

Contra

2,850

Balance c/d

25,219

95,652

Oct 1

Balance b/d

563

Oct 1

Balance b/d

25,219

Sales Ledger Control Account

2004

Oct 1

Balance b/d

43,628

Oct 1

Balance b/d

1,240

2005

Sept 30

Interest charged to debtors

326

Sept 30

Returns inwards

1,938

Allowance of damaged goods

500

Carriage charges

3,290

Discount allowed

3,699

Credit sales

132,845

Contra

2,850

Dishonoured cheques

2,639

Bank

144,820

Balance c/d

2,154

Bad debts

853

Balance c/d

28,982

184,882

Oct 1

Balance b/d

28,982

Oct 1

Balance b/d

2,154

(b) Mr William
Balance [...]

Accounting Test Question CO No. 1 On Control Account

Accounting Test Question CO No 1 On Control Account

Question:
The following information related to Mr. William for the year ended 30 September 2005:-

Interest charged to debtors

326

Carriage charged to debtors

3,290

Cash purchases

12,735

Returns inwards

1,938

Bad debts written off

853

Cheque payments to suppliers

64,320

Discount received

1,717

Allowance to debtor for damaged goods

500

Cash sales

76,321

Debtor’s cheques dishonoured

2,639

Purchases Returns

1,222

Credit sales

132,845

Discount allowed

3,699

Transfer of debit balance in Sales Ledger to [...]

What is A Reconciliation Statement?

When we carry out a reconciliation exercise, we simply want to:

verify the completeness and accuracy of a particular part of the accounting records by comparing it with another record.

The following table reflects some of the types of reconciliation normally performed:-

Type of Reconciliation

Records being compared

Bank reconciliation

Bank account

Bank statement (external record)

Debtors control reconciliation

Control account (nominal ledger)

Listing of [...]

Contra Account

Normally, we hear word like Contra Account. So what is it?
In bookkeeping, when a customer of a company is also a supplier, he or she may be a debtor as well as a creditor of the company.
Instead of physically making payment vide cheque/draft or cash, his accounts by mutual consent can be settled by setting [...]

Total Debtor Accounts Versus Individual Ledgers

As described in the first part of the article, the balance in the TOTAL/Control Debtor Account must equal to the SUM of the individual balances of debtor account.
This article seeks to look at:

what comprises the individual total item in the Debit And Credit Side of the TOTAL/Control Debtors Account ( left side of the table) [...]

Total Or Control Accounts

This article seeks to explain what is total or control account , and the reasons/advantages of maintaining same.

Total Account

Also known as Control account.

A Total account is an account where we debit and credit the total amounts of all the transactions the TOTAL AMOUNTS OF ALL THE TRANSACTIONS which have been [...]