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...
View ArticleTotal 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...
View ArticleContra 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...
View ArticleWhat 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...
View ArticleAccounting 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...
View ArticleAnswer To Accounting Test Question CO No. 1 On Control Account
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...
View ArticleAccounting 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...
View ArticleAnswer 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...
View ArticleList 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...
View ArticleWhat are the advantages of preparing a Debtors’ Ledger Control Account
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...
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