Want this question answered?
creditors journal
Sales control account is a summary of transactions relating to the debtors balance.the debtors ledger account is debited when there is an increase of the debtors balance and credited when there is a reduction of the debtors balance
credit
in the ledger all debtors on 1!
Cash a/c to debtors a/c
A forward sub ledger is the opening balance of your subledger. A subledger is known as the individual ledgers WITHIN the general ledger. For example, The debtors SUBLEDGER is also known as the detailed Debtors Trial balance or the Accounts receivable ledger The creditors SUBLEDGER is also known as the detailed Creditors Trial balance or the Accounts payable ledger
Under the self-balancing system, it is possible to construct a complete trial balance from each ledger, debtors ledger, creditors ledger
when separate ledgers are maintained for trade debtors and trade creditors ,the debit and credit aspect of certain transactions will note appear in the same ledger Eg: in case of credit sales ,the credit aspect (Sales account) will appear in general ledger whereas the debit aspect (personal account of debtor)will appear in debtors ledger .Take another Eg.like cash discount allowed by a creditor .The credit aspect (personal account of the creditor )will appear in creditors ledger .Thus no ledger is self balancing and it is not possible to prepare a separate trial balance for each ledger .Hence in ,in order to make each ledger self -balancing it is necessary that the corresponding debit and credit aspects are fully "adjustment accounts " in each ledger . the adjustment account helps in completing the double entry in each ledger and making it self balancing . The adjustment account opens in various ledgers are; 1 ) general ledger adjustment account(in debtors ledger) 2 ) general ledger adjustment account(in creditors ledger) 3 ) debtors ledger adjustment account (in general ledger) 4 ) creditors ledger adjustment account (in general ledger)
creditors journal
Yes. The balancing entry is passed in the self balancing ledger.For e.g. an increase in debtors due to sales will have the following entry passed- Debtors Ledger Adjustment a/c[In the general ledger] dr. To Sales a/c General Ledger Adjustment a/c[In the Debtors Ledger] dr. To Debtors Ledger Adjustment a/c[In The general Ledger]
Sales control account is a summary of transactions relating to the debtors balance.the debtors ledger account is debited when there is an increase of the debtors balance and credited when there is a reduction of the debtors balance
credit
in the ledger all debtors on 1!
No real accounts are for business possessions like assets and stock revenue and expense items are recorded in the nominal also named the general ledger. Personal accounts are for debtors and creditors accounts.
Cash a/c to debtors a/c
This is important as this is part of the ledger which shows what is owing or owed at any given point in time. For example Debtors; all receipts from Debtors are posted into the subsidiary ledger (individual debtor accounts). Therefore, this ledger would show what is truly outstanding at any given day hence the need for daily posts..
Secondary book are also called Ledger.These can be broadly classified as Main Ledger and Subsidiary Ledger. Subsidiary Ledger further classified into following three types: General ledger,Debtors ledger and Creditor ledger.