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Q: How do I calculate the VAT (Value-Added Tax) included on the debtor and creditor control account?
A: Control accounts for debtors and creditors …
Settlement Discount Granted and VAT
Q: How will the VAT input and output be treated when settlement discount is granted?
A: For those who aren't familiar with this term, VAT is short …
Provision for Doubtful Debts
Q: Hi! I'm rashi doing CS and my question is:
State with reason/s whether this statement is true or false.
A provision for doubtful debts is created …
Debtors Control Account Question
Given information abnout debtors control account, for example, balance at 1 April $21,309, balance at 30 April and cash payments from debtors in April, …
Settlement Discount Granted
Q: How does a settlement discount granted affect the debtors column on the cash receipts journal?
A: Just to clarify for anyone reading, a settlement …
CONTROL ACCOUNT ENTRIES QUESTION
THE LIST OF BALANCE FROM THE PURCHASES LEDGER SHOWS A TOTAL OF $14,530 AND THAT FROM THE SALES LEDGER A TOTAL OF $216,580. PLEASE SHOW ME HOW IT WILL BE …
"Bill" in Control Account
Q: In a transaction they only state BILL, where will you record such transaction? Is it in debtors control account or creditors control account?
General Ledger Exercise
The following balances are available from the books of Frema, a sole trader:
Balances as at 1st July, 2009:
- Dr. Balances in …
Q: How do you deal with a trade discount in the control accounts?
What is a Folio?
Q: What is a folio?
A: It's a cross-referencing code, usually a number or a few numbers and letters. It connects two separate records, such as …
Credit Balance in Purchases Ledger?
I was solving an exercise of control accounts in which one of the transaction given was this:
Credit balance in purchases ledger transferred from sales …
Bad Debts Recovered
Q: 1. Is recovery of bad debts included in the control accounts?
2. Once a debt is written off as a bad debt, when it is recovered, do we debit it …
Q: What is the reconciliation processes of property debtors on leased properties?
A: Anna, this should be the same as for a regular debtor's reconciliation. …
Entry for Sold Goods
Q: What is the entry for the following?
Sold goods to R. Botha on credit of R242,39. Issued invoice 001.
Entries for a Returned Check
Q: What are the entries for a debtor's returned check?
A: The entries are the opposite of what you did when you received the check. You first should …
Set of the Purchase Ledger Balance
Q: What do you mean by the fact the purchase ledger balance off in the debtor control account?
A: Sorry, but I don't understand your question Shaira. …
Q: Purchased merchandise on credit for R500 subject to trade discount of 20%... What journals must I use?
A: DR: Purchases R400 CR Creditors R400. …
3 Control Accounts Questions
Q: (1) Explain the ways in which control accounts can be of use to the management of a business.
(2) outline the usefulness of these accounts.
Overcast in Returns Inward Journal
Q: The accountant of Golly Ltd ascertained that the returns inwards journal had been overcast by R100. Which ledger account will be affected by this …
What is b/d and c/f?
Q: I want to ask what is b/d and c/f?
A: Good question Jibran.
I would definitely recommend checking out the lesson on balancing T-accounts in …
Q: What is a cash receipt journal?
A: See the lesson on accounting journals.
Creditors Control Account
Q: What is the general format of the creditors and debtors control accounts?
A: They have the same format as any T-accounts. See the lesson on Debtors …
Payment of Creditors: Which Journal?
Q: Which accounting journal do we use to show payment of creditors?
A: The cash payments journal (CPJ). The CPJ is the journal used for any and all …
Q: Hi, why is your sales figure $10,500 as total sales is $16,300?
A: Mary, please explain how you get to $16,300 for total …
General Journal for Control Accounts
Q: How do I enter the transactions for the debtors and creditors control accounts in the general journal?
A: Good question. I am not 100% sure on …
Journal for Receipts from Debtors
Q: Where do receipts from debtors go?
A: I assume you mean which journal debtor receipts should be recorded in. If so, receipts from debtors are recorded …