Control Accounts Reference: Chapter 27 (p. 338). AFunctions of Control A/C Locate errors; Provide a summary of the total of debtors and creditors; Cross-check.

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Presentation transcript:

Control Accounts Reference: Chapter 27 (p. 338)

AFunctions of Control A/C Locate errors; Provide a summary of the total of debtors and creditors; Cross-check to avoid fraud.

BRevision Books of original entries and Ledgers 7 books: Sales journal, Purchases journal, Returns inwards journal, Returns outwards journal, Cash book, Petty cash book, Journal 3 ledgers: Sales ledger, Purchases ledger, General ledger Original documents 7 books3 ledgers Posting

Original documents Sales / Purchases Journals (7 books) General ledger Sales and Purchases a/c Sales / Purchases ledgers Debtors / Creditors a/c Trial Balance Double entry system Sales ledger control account Purchases ledger control account For memorandum purposes postingextracting

CSales Ledger Control a/c Sales Ledger Control a/c 2008$ $ Dec 1Balance b/f(a)Dec 1Balance b/f(h) 31Sales(b)31Returns inwards(i) 31Cash / Bank (Refund) (c)31Cash / Bank(j) 31Bank (Dishonoured cheques) (d)31Set-off(k) 31Interest received(e)31Discounts allowed(l) 31Bad debts recovered(f)31Bad Debts(m) 31Balance c/f(g)31Balance c/f(n) XX

ItemsSources (a)Total of opening debit balances of debtors (b)Total credit sales (c)Cash refund to a customer (d)Dishonoured cheques (e)Interest charged by us on overdue debts (f)Bad debts recovered (g)Total of closing credit balances of debtors (h)Total of opening credit balances of debtors (i)Returns inwards (j)Cash or cheques received from debtors (k)Balances in sales ledger set off against credit balances in purchases ledger (l)Discounts allowed (m)Bad debts written (not provision for bad debts) (n)Total of closing debt balances of debtors Sales ledger Sales journal Cash book Journal Sales ledger Returns inwards journal Cash book Journal Cash book Journal Sales ledger

DPurchases Ledger Control a/c Purchases Ledger Control a/c 2008$ $ Dec 1Balance b/f(a)Dec 1Balance b/f(g) 31Returns outwards(b)31Purchases(h) 31Cash / Bank(c)31Cash / Bank(i) 31Set-off(d)31Bank(j) 31Discounts received(e)31Interest expenses(k) 31Balance c/f(f)31Balance c/f(l) XX

ItemsSources (a)Total of opening debit balances of creditors (b)Returns outwards (c)Cash or cheques paid to creditors (d)Balances in purchases ledger set off against debit balances in sales ledger (e)Discounts received (f)Total of closing credit balances of creditors (g)Total of opening credit balances of creditors (h)Total credit purchases (i)Cash refund from suppliers who have overcharged us (j)Dishonoured cheques returned from creditors (k)Interest payable on overdue debts (l)Total of closing debt balances of creditors Purchases ledger Cash book Journal Purchases ledger Returns outwards journal Purchases journal Cash book Journal Purchases ledger