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Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FA – FIA FFA › journal entries, contra
Bill is unsure of the accounting entries required to account for a contra between the receivables ledger control and payables ledger control accounts for $1,250
What are the journal entries required to account correctly for a contra between trade receivables and trade payables control account?
Q> Isn’t contra to fill in a difference when the trial balance doesn’t balance?
if it just says a contra between two accounts, how do you know which one to correct?
No – a contra is not to fill in a difference when a trial balance doesn’t balance.
I explain exactly what a contra is, and what the entries are for the question you ask, in my free lectures on control accounts.
You cannot expect me to type out my lectures here!!