Control Accounts

System
System Posts: 100,534 🤖 Admin 🤖
edited June 18 in AAT student discussion
Hi everyone!<BR>Can anyone help me with Control Accounts (Sales & Purchases)?<BR>Im ok with the onther a/c's in the main ledger, just struggling abit the control accounts.<BR>I find myself always referring to the tutoria book to get the answers, obviously i cant do that in an exam!

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  • System
    System Posts: 100,534 🤖 Admin 🤖
    Control Accounts

    What is about the control accounts that you are having problems with?
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Control Accounts

    the problem i'm having is deciding what goes in there and what side of the t account does it go in. Is there an easy way of remembering this?
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Control Accounts

    Hi Danielle,<BR><BR>The best way I can remember the entries into the control accounts is: -<BR><BR>Sales Ledger Control Account - contains the total of all our companies debtors - (people who owe us money) - so to increase debtors enter debit<BR>DEBIT THE DEBTORS<BR>eg. from the sales day book enter the invoice totals as a debit<BR>eg. if a customer pays us this will reduce what they owe and will be a credit entry<BR><BR>Purchases Ledger Control Account - contains the total of our companies creditors - (people we owe money to) - so to increase the creditors enter credit<BR>CREDIT THE CREDITORS<BR>eg. from the purchases day book enter the invoice totals as a credit<BR>eg. if we pay a customer this will reduce what we owe and will be a debit entry.<BR><BR>Hope this helps<BR><BR>
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Control Accounts

    Thanks alot!!!<BR>That has really helped me out!

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