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control account

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FA – FIA FFA › control account

  • This topic has 3 replies, 2 voices, and was last updated 8 years ago by John Moffat.
Viewing 4 posts - 1 through 4 (of 4 total)
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  • July 20, 2016 at 4:00 pm #328023
    adarsh1997
    Participant
    • Topics: 646
    • Replies: 282
    • ☆☆☆☆

    1. What is the definition of “list of balances”?

    2.”Interest charged on overdue accounts”
    What does this mean and how to account for it?

    July 20, 2016 at 7:06 pm #328078
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 54701
    • ☆☆☆☆☆

    The list of balances is the list of balances in the receivable ledger.

    Interest charged on overdue accounts is interest charged to customers who pay late. We account for it by debiting the receivables ledger control account and crediting interest receivable account. (And, of course, we also debit the account of the customer who is being charged the interest)

    September 7, 2016 at 8:14 am #338494
    adarsh1997
    Participant
    • Topics: 646
    • Replies: 282
    • ☆☆☆☆

    What is the double entry for refund to customers?

    September 7, 2016 at 10:41 am #338536
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 54701
    • ☆☆☆☆☆

    Yet again, I deal with this in my lectures – I explain refunds (and the entry) in the lecture on control accounts.

    Dr Receivables Cr Cash

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