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control account

Forums › ACCA Forums › ACCA FA Financial Accounting Forums › control account

  • This topic has 3 replies, 3 voices, and was last updated 9 years ago by John Moffat.
Viewing 4 posts - 1 through 4 (of 4 total)
  • Author
    Posts
  • April 4, 2015 at 4:20 pm #240130
    ooi
    Member
    • Topics: 7
    • Replies: 3
    • ☆

    Allister’s payables ledger control account has a balance at 1 October 20X8 of $34,500 credit.
    During October, credit purchases were $78,400, cash purchases were $2,400 and payments made to suppliers, excluding cash purchases, and after deducting cash discounts of $1,200, were $68,900. Purchase returns were $4,700.

    why do my PLCA have to include ‘Discount received of 1,200’ on the debit? i understand that discount received is under debit side, but the question stated, “after deducting cash discounts of $1,200, were $68,900”, doesn’t this means that 68,900 have already deducted 1,200?

    why do i need to include it again on the PLCA debit side?

    thank you, english is not my first language, please advise.

    April 5, 2015 at 9:48 am #240170
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 54671
    • ☆☆☆☆☆

    A little example to hopefully explain the english:

    Suppose we owe $100, and there is a discount of $10.
    We will therefore only need to pay $90 and we would say that we “paid $90 after deducting the discount of $10”.
    So we would debit with 90 and also debit with 10.

    November 23, 2015 at 11:23 am #284705
    rakhi2rakhi
    Member
    • Topics: 26
    • Replies: 7
    • ☆

    hello John
    In the above example it is asked what was the closing balance on the purchase ledger control account. Should it not be payable ledger control account ?

    November 23, 2015 at 1:43 pm #284722
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 54671
    • ☆☆☆☆☆

    They are different names for the same thing 🙂
    (Although the better name is payables ledger control account, some people call it the purchases ledger control account).

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