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sir,what is the diffrence between list of balances and personal ledger account??
list of balance is the list of amount payables or receivables(PDB &SDB)
and personal ledger account(receivabls ledger & payables ledger) is the individual account of those payables or receivables.And the total of list of balances goes to control a/c.
so,if any error in list of balances affect both control a/c & personal ledger.
only the error in list of balance total will affect control a/c only.
am I correct sir!?The total of the list of balances does not go to the control account. The entries in the control account come from the books of prime entry and the balance on the control account should be the same as the total of the list of balances.
If they are not the same then either there is a mistake in the list of balances, or there is a mistake in the control account.You need to watch the lecture on Books of Prime Entry where all this is shown in a full example.
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