Archive about 'Control or Total Accounts'

What are the advantages of preparing a Debtors’ Ledger Control Account

Tweet Advantages are: It provides the total of debtors quickly and easily when a trial balance is prepared It acts as an independent check on the arithmetical accuracy of the balances in the Debtors’ ledger It will confirm whether  or not a difference on a trial balance is caused by an error in the debtors’ […]

List Of Topics Under The Heading Control Or Total Accounts

Tweet 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 CO2 On Control Accounts Answer To Question No CO2 On Control Accounts

Answer To Accounting Test No CO 2 On Control Accounts

Tweet 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   2008   July 1 Balance b/d 186 July 1 Balance b/d 17,960 July […]

Accounting Test Question No.CO 2 On Control Accounts

Tweet 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 […]

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

Tweet Answer to Accounting Test Question CO No.1: (a) Purchases Ledger Control Account 2004   $ 2004   $ Oct 1 Balance b/d 324 Oct 1 Balance b/d 24,695             2005     2005     Sept 30 Bank 64,320 Sept 30 Credit purchases 70,394   Discount received 1,717   […]

Accounting Test Question CO No. 1 On Control Account

Tweet 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 […]

What is A Reconciliation Statement?

Tweet 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 […]

Contra Account

Tweet 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 […]

Total Debtor Accounts Versus Individual Ledgers

Tweet 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 […]

Total Or Control Accounts

Tweet 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 debited […]