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  • Control Accounts Notes (2docx

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    Carisa Lynch
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    This document summarizes information needed to prepare control accounts for a business's bills receivable, cash, and purchases ledger. It lists debit and credit items for each control account, along with their source in the prime books of entry. For example, the bills receivable control account is debited for dishonored bills and bad debts recovered, and credited for cash received from debtors and bad debts.

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    This document summarizes information needed to prepare control accounts for a business's bills receivable, cash, and purchases ledger. It lists debit and credit items for each control account, along with their source in the prime books of entry. For example, the bills receivable control account is debited for dishonored bills and bad debts recovered, and credited for cash received from debtors and bad debts.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    4 views1 page

    Control Accounts Notes (2docx

    Uploaded by

    Carisa Lynch
    This document summarizes information needed to prepare control accounts for a business's bills receivable, cash, and purchases ledger. It lists debit and credit items for each control account, along with their source in the prime books of entry. For example, the bills receivable control account is debited for dishonored bills and bad debts recovered, and credited for cash received from debtors and bad debts.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    of 1

    Bills

    Control Accounts Notes (1).docx XXXX Bills receivable XXXX


    dishonoured
    Cash received
    Noting charges XXXX XXXX
    from debtors
    Cash received
    Bad debts
    XXXX from bad debts XXXX
    recovered
    recovered
    Bad debts
    Refunds to
    XXXX XXXX
    debtors

    Interest Allowances to
    charged to XXXX damaged goods
    XXXX
    customers
    Balance c/d XXXX Contra XXXXX
    Balance c/d XXXXXX
    XXXXX XXXXX

    Purchases
    Ledger Control
    Account
    Balance b/d XXXX Balance b/d XXXX
    Purchases
    XXXX Credit Purchases XXXX
    returns

    4/5

    Payments to creditors XXXX Cash received (overpayment) XXXX


    Contra XXXX Balance c/d XXXX
    Bill payable XXXX
    Balance c/d XXXX
    XXXX XXXX

    A. Preparation of control accounts


    The information required for the preparation of the debtors ledger control account (total
    debtors account/debtors control account) can be found as follows:

    Debits Source (book of prime entry)


    :

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