Still scratching your head after going through this lesson? No problem. Send us a question you have relating to this lesson or topic...
Before you submit though, it's a good idea to search the site to make sure your question hasn't been asked (and answered) before... just use the search feature at the top-right of your screen to search the site for any accounting topic. If after searching the site your accounting question has still not been answered, then submit it here.
Click below to see questions and solutions on this same topic from other visitors to this page...
Debit Balance in Sales Account
What does it mean when there is a debit balance in a sales control account?
Debtors and Creditors Ledger Control Accounts Question
Please prepare the debtors and creditors ledger control account for the following:
Debtors (1/1/10) 150,000
Debtors, Creditors Control Accounts Question
The following is a list of balances relating to Phiri Properties Ltd during 2010. The company maintains a memorandum debtors and creditors ledger in …
Why is the Provision for Doubtful Debts a Liability?
Q: Why is the provision for doubtful debts a liability?
A: A provision is a loss or expense that will definitely occur in the future, but we don't …
Interests on Loans - Income or Expense?
Q: is interest on loan an income or expense?
A: Usually, when talking about a loan, we're talking about you or your business taking out a loan. In …
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 …
Bad Debts, Provision for Bad Debts, Debtors Control
Q: How does bad debts and the provision for bad debts affect the debtors control account?
A: Let's make sure we fully understand what these terms …
Debtors Control Account &
Provision for Doubtful Debts
Q: Is the increase in the provision for doubtful debts included in the debtors control account?
A: Thanks for your question David.
I am sure …
BAD DEBTS, BAD DEBTS RECOVERED & PROVISION FOR DOUBTFUL DEBTS
WEI'S FINANCIAL YEAR ENDS ON 31 DECEMBER. THE FOLLOWING INFORMATION IS AVAILABLE FOR THE LAST 3 YEARS OF TRADING (RM = Malaysian Ringgit = currency for …
Control Account Formats
What is the most commonly used format in writing the control accounts and which is the easiest one?
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 …
Advantages of Selling on Credit
What are the advantages for a business selling goods on credit?
Journal Entry Question: Settlement of Debtors Account, Bad Debts
Prepare the journal entry or entries for the following transaction:
Issued a receipt for R105 to B. Baloyi in settlement of his account of R126.
YEAR END PROCEDURE FOR DEBTORS
WHAT MUST I DO WHEN IT COMES TO YEAR END AND THERE IS STILL A BALANCE OUTSTANDING FOR DEBTORS?
"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?
Journal Entry for
Recovery of Bad Debts?
Q: What is the double entry of recording recovery of bad debts in control accounts?
Creditors Control and
Creditors List Question
Q: The information below was extracted from the records of Mermaid Traders for May 2011.
Creditors control balance on 30 April 2011 was 42,750.
Questions regarding Debtors and Collecting/Settling Accounts
1. How do I determine the effectiveness of the internal control system with regards to debtors?
2. What are the strategies that I can implement to ensure …
HELP QUICK! Journal Entries (Sales And Cost of Sales)
Q: Okay i have a project due tomorrow please do this for me in a T-account, thanks!
I EARNED 15 DOLLARS ON THE 7TH OF DECEMBER 2011
I EARNED 15 …
Prepare Total Debtors Account and See Whether the Balance Obtained Agrees with the Balance as per Schedule
Q: The following relate to a trader for the month ended 31 st January 2006 (rs = Rupees = Indian currency):
Sundry debtors on 1.1.06 (Dr) rs 9,000 …
Control Accounts Exercise
The following balances are available from the books of Frema, a sole trader:
Balances as at 1st July, 2009:
- Dr. Balances in …
Sales Ledger Control Account &
Provision for Bad Debts
Q: Is the provision for bad debts entered in the sales ledger control account?
Click here to write your own.
Total of Bank in the Cash Receipts Journal?
Q: How do you find what the total amount of the bank column is in the cash receipts journal?
Trade Discount in Control Accounts
Q: How do you deal with a trade discount in the control accounts?
Receivables and Payables in Cash Account?
Should we enter accounts receivables and payables in the cash receipt account?
Provision for Bad Debts, Sales Control Account
1) Why is the provision for bad debts not entered in the sales ledger control account?
2) And what is the reasons for keeping control accounts? …
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 …
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.
Debit in Credit Control Account and Journalizing Cash
Q: Firstly, I found a debit balance in the creditor control account when I was closing the books of accounts. We opened the discussion with the finance …
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 control 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 …
Reasons to maintain "Memorandum Accounts" & "Control Accounts"
Q: What are the reasons to maintain individual memorandum accounts?
What are the reasons to maintain control accounts?
Kindly answer in …
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 …
Carriage Inward included in Creditor's Control Account?
Q: Is carriage inward included in the control account? And if so, on what side?
A: No, carriage inward is an expense on its own and would be recorded …
Trial Balance Major Errors
Q: What are the major errors located by the trial balance?
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 …
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 …
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 …
Imbalances of Debtor Accounts
and Control Accounts
Q: What are the possible reasons for imbalances in these accounts?
A: Carl, I assume your question is regarding imbalances between debtor (or creditor) …
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 …
Does the provision for doubtful debts go into the sales control account?
Q: Does the provision for doubtful debts go into the sales control account? Thank you very much!
A: The provision for doubtful debts does not go into …
Click here to write your own.
Bank Reconciliation Process
(and calculating cost of sales)
Q: 1. Please simplify the bank reconciliation process - what is the bookkeeper required to do?
2. Also, how do you calculate the cost of sales?
Purchases, Cost of sales,
Balances at 31 January 2009:
Debtors control account.............................$32,400
Creditors control account...........................$25,200 …
Click here to write your own.