open bals on control accounts

System
System Posts: 100,534 🤖 Admin 🤖
edited June 18 in AAT student discussion
When in the exam papers they ask you to enter the opening balance for all the ledger etc. Which side do the open balances for the SLCA and PLCA go on? Is it for instance, Purchases open bal would be on the debit side (expenses = debit) and the PLCA would be open bal on the credit side (PLCA "creditors" = Liability = credit)

Or have I got totally confused?

Comments

  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:open bals on control accounts

    Yeah thats right and then sales would be on the credit side and SLCA would be on the debit side.

    I'm in the same position as you now I think! Just tidying up and getting my head around it :)

    Gem
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:open bals on control accounts

    Yeah i've got it i think, but just making sure I def know it! Do you get the trial balance to balance most times?
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:open bals on control accounts

    Yeah all the time now :)

    Good luck Lyagirl - sure you'll be fine! Which centre are you taking your exam at? I'm going to Exeter.

  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:open bals on control accounts

    Barnstaple now was going to be Plymouth.

    Good luck to you too

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