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September 2, 2020 at 9:54 am
Wow, This lecture mademe exciting for the next. Thanks for making it as simply as possible sir.
John Moffat says
September 2, 2020 at 3:34 pm
Thank you for your comment 🙂
August 4, 2020 at 11:03 am
Sir, sorry for my confusion but I have difficult identifying the difference between receivable journal and receivable ledger. What are the purposes of these two, then why does the receivable journal datas combine and form receivable ledger control a/c, but how about the datas in receive ledger? They only exist for checking the balance between their balance and receivable ledger control a/c balance?
August 4, 2020 at 3:45 pm
The receivables ledger control account is part of the double entry and records the total owed from customers. In order to find out the total to enter in this account, each individual invoice is listed in the receivables journal and then the total is added.
The reason we also have a receivables ledger is that although the control account shows the total we are owed (and this is all we need for the SOFP), the company also needs to know how much each individual customers owes (so that, for example, we can chase anyone who is late paying).
August 5, 2020 at 3:36 am
Thank you so much sir. I totally get it now.?
August 5, 2020 at 8:09 am
You are welcome 🙂
September 23, 2019 at 12:17 pm
5:03 .. Its MrC that owes 100 not MrB
September 23, 2019 at 2:45 pm
True, and thanks (although I am not going to re-record the whole lecture just for that 🙂 )
November 24, 2018 at 7:44 am
Sir,can you help me with this question?
Which of the following statements concerning the receivables ledger control account is incorrect?
D. It ensures that errors cannot occur in relation to transactions between the business and its customers.
The answer is D
November 24, 2018 at 8:53 am
In future you must ask this sort of question in the Ask the Tutor Forum, and not as a comment on a lecture.
It is incorrect because although it will find many errors, there are errors that it would not find. For example, suppose we sent an invoice to a customer for $100, but by mistake listed it in the receivables day book as being $10. The wrong figure would then be entered in the receivables ledger, and also the total in the day book would be wrong and so the wrong figure would also be entered in the receivables ledger control account. As a result, the balance on the control account will still equal to total of the list of balances, even though the figure is wrong.
August 1, 2018 at 5:03 pm
Sir,may I know what’s new in these updated lectures? I had watched your previous Control A/c lectures
August 1, 2018 at 5:46 pm
They are better recordings – the syllabus has not changed.
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