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Sir can you please tell difference between control account and general ledger? Or are they both same?
Second question do we have other control accounts except receivable and payables control account?The general ledger contains many accounts: machinery, rent, sales, wages, depreciation etc. It also contains the receivables and payables control accounts.
To provide details as to who owes what to the company the balance on the receivables control account is broken down and shown in detail in the receivables ledger; similarly the payables control account and the payables ledger.
The sum of the balances in the receivables/payables ledger should agree with the appropriate control account.
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