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Control account

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

  • This topic has 1 reply, 2 voices, and was last updated 1 year ago by John Moffat.
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  • June 14, 2021 at 11:21 am #625243
    Priyanka19
    • 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: 49602
    • ☆☆☆☆☆

    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.

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