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CONTROL ACCOUNT

This topic has 3 replies, 3 voices, and was last updated 3 years ago by John Moffat.

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March 3, 2021 at 4:24 pm #613111
pano
Member
- Topics: 12
- Replies: 4
t account is made for purchase ,cash ETC so then why the specific termnoligy ‘CONTOL ACCOUNT ‘ is used for receivable and payable account what is the difference between them ?
March 4, 2021 at 7:36 am #613226
John Moffat
Keymaster
- Topics: 57
- Replies: 54500
The receivables and payables control accounts are controlling/checking the receivables and payables ledgers.
This is all explained in my free lectures on Books of Prime Entry.
The lectures are a complete free course for Paper FA and cover everything needed to be able to pass the exam well.
March 19, 2021 at 7:53 am #614723
live
Participant
- Topics: 10
- Replies: 7
Sir what does it mean if in rectification of errors question it is said that no receivables and payables control accounts are maintained by that entitiy
March 19, 2021 at 9:01 am #614737
John Moffat
Keymaster
- Topics: 57
- Replies: 54500
It means that the double entries are made directly to the individual customers and suppliers accounts in the receivables ledger and the payables ledger (rather than to the control accounts as is normally the case).
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