- This topic has 3 replies, 2 voices, and was last updated 6 years ago by
.
- Posts
“a supplier’s account in the payable ledger,with a debit balance of 800$,has been included on the list of payables as a credit balance“
Sir,l don’t understand,what this expression means
Please ,explain to me.
Thanks in advance.Accounts in the payables ledger should normally have credit balances, and the 800 has been added to the total as though it was a credit balance.
In fact it is a debit balance (maybe we have overpaid, or maybe we have returned goods), so it should have been subtracted from the list and not added.
Therefore the total of the list needs to be reduced by 800 twice, i.e. reduced by 1,600.
I ask you again – have you watched my free lectures on control accounts and on books of prime entry?
Sir,you mean:
800$ is written both on the side of debit and credit and at the same time canceled??
Sorry Sir,but l have not enough time for watching your free lectures),because simultaneusly, l am working.You don’t do any debits and credits – the account has been entered correctly.
You simply correct the total which has been listed wrongly.You say that you do not have time to watch the lectures because you are working. Does it not occur to you that I also have to work, and yet I am finding time to answer your questions?
We do not provide private tuition, and you cannot expect me to type out what is in my free lectures.
- The topic ‘Control accounts’ is closed to new replies.