Memos

System
System Posts: 100,534 🤖 Admin 🤖
edited June 18 in AAT student discussion
I have completed practically all the simulations and mocks that I possibly can, and tend to find i have one major problem,<BR><BR>* * * MEMO's * * *<BR><BR>I can do all the maths parts, trial balances, P & L accounts Etc, but when I comes to the basic explanations I get confused.<BR><BR>How do I explain the following in a decent memo format:<BR><BR>The purpose of the subsidiary (purchase) ledger, and is it part of double systems? and the purpose of the purchase ledger control account, and is that part of double entry?<BR> <BR>(Now for starters, I thought they were both the same damn thing!!)<BR><BR>PLEASE, can anyone explain the difference. <BR>This part is really worrying me now!<BR>

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  • System
    System Posts: 100,534 🤖 Admin 🤖
    Memos

    As a foundation Student I will have a crack at this, im sure someone should be able to say I am right or not!<BR><BR>The Purchase Ledger is not part of the double entry. The Purchase Ledger is a Memorandum set of Accounts, Supplier accounts for each creditor you owe money too.<BR><BR>The total of these Memorandum accounts Should equal the same as the Purchase Ledger Control Account within the Main Ledger! <BR>The Purchase Ledger Control is part of the double entry!<BR><BR>The Purchase Ledger Control is a At at Glance View of the amount of money owed to creditors/suppliers! Whereas the Purchase Ledger details the amount that is owed to each supplier!!<BR><BR>Well thats what I think!<BR><BR>Amanda
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Memos

    I've posted a reply, please see<BR><BR>http://www.accountancystudents.co.uk/forum/viewtopic.php?t=647<BR><BR>Annette
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Memos

    Cheers
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Memos

    Well done Amanda - that's a pretty good answer. I could use you teaching my Foundation students<BR><BR>Graham Blott<BR>Northampton College
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Memos

    Thanks for that Graham!!<BR><BR>Just a pointer incase you didnt know, I have set up my own Foundation Group where I help as many students as I can. There is a weekly chat night and practise sims and exams.<BR><BR>The address is <BR>http://groups.msn.com/aatfoundation<BR><BR>Feel free to join the group and if you think your students will benefit let them know the address - ALL is welcome!!<BR><BR>There is also a group for the intermediate level too<BR>http://groups.msn.com/aatfoundation<BR><BR>Thanks<BR><BR>Amanda

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