Control account

This topic has 1 reply, 2 voices, and was last updated 4 years ago by John Moffat.

Viewing 2 posts - 1 through 2 (of 2 total)

Author

Posts
June 14, 2021 at 11:21 am #625243
Priyanka19
Participant
- Topics: 32
- Replies: 20
Hello sir
Why does interest charged on overdue accounts found in receivables control account was it not supposed to be found in payables control account?

I did a question in bpp and had to correct errors and interest charged on overdue accounts was found on the credit side
The correct entry was to debit it
June 14, 2021 at 4:24 pm #625267
John Moffat
Keymaster
- Topics: 57
- Replies: 54851
It depends whether it is interest the company is charging on overdue receivables, or whether it is interest the company is being charged on overdue payables.
Author

Posts

Viewing 2 posts - 1 through 2 (of 2 total)

You must be logged in to reply to this topic.