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 ?
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CONTROL ACCOUNT
5y ago#1The 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.
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
5y ago#3It 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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