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What is the methods of internal control account debtors and creditors?
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∙ 13y ago
ahshshj
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∙ 13y ago
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Format for Debtors control account and creditors control account?
debtors
Prepare Debtors control account and Creditors control account?
The financial year of Ali & Co is closed on June 30, 2007. Data regarding Ali & Co isgiven below:Rs.Opening balanceDebtors 75,000Creditors 125,000Closing balanceDebtors 100,000Creditors 150,000SalesCash 100,000Credit 130,000PurchasesCash 80,000Credit 100,000Purchase returns (From credit purchases) 5,000Receipts from debtors ? 88500Payments to creditors ? 65000Discount allowed 2,000Discount received 5,000Bad debts written off 13,000Increase in provision for doubtful debts 2,500Required:Prepare Debtors control account and Creditors control account.
What is sales ledger control account?
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
16 In what circumstances would a non trade debtors control account be used?
i would like to know in what circumstances would a non trade debtors control account be used?
What is debtors and creditors?
Loaners and borrowers
Format for Debtors control account and creditors control account?
debtors
Prepare Debtors control account and Creditors control account?
The financial year of Ali & Co is closed on June 30, 2007. Data regarding Ali & Co isgiven below:Rs.Opening balanceDebtors 75,000Creditors 125,000Closing balanceDebtors 100,000Creditors 150,000SalesCash 100,000Credit 130,000PurchasesCash 80,000Credit 100,000Purchase returns (From credit purchases) 5,000Receipts from debtors ? 88500Payments to creditors ? 65000Discount allowed 2,000Discount received 5,000Bad debts written off 13,000Increase in provision for doubtful debts 2,500Required:Prepare Debtors control account and Creditors control account.
What is sales ledger control account?
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
How do you treat refund to debtors in the debtors control account?
decrease with a credit
What is the definition of debtors and creditors?
Debtors are people who owe money to creditors. Creditors are people who are owed money by debtors. For example, the bank is a creditor allowing people to take out loans and the people taking out the loans are the debtors.
16 In what circumstances would a non trade debtors control account be used?
i would like to know in what circumstances would a non trade debtors control account be used?
Debtors or creditors would be more likely to favor inflation?
Debtors.
What is debtors and creditors?
Loaners and borrowers
What is the difference between Sundry debtors And Sundry Creditors?
Sundry Debtors are from whom we have to take money and to sundry creditors we owe money.
What is difference between sundry debtors and sundry creditors?
Sundry Debtors are from whom we have to take money and to sundry creditors we owe money.
Format of a debtors control account?
Debtors Control Account Balance b/d xx Cash/Bank xx Sales xx Discount Allowed xx Bank (Reverse Cheque) xx Return Inward xx Discount (cancelled) xx Bad Debts xx Other Charge by Debtor xx Contra xx Balance b/f xx total total Creditors Control Account Cash/Bank xx Balance B/d xx Discount Received xx Purchase xx Return Outward xx Others Charge By Creditors xx Contra xx Balance b/f xx total total
What is sundry creditors and sundry debtors?
You may have a category of sundry, or miscellaneous, creditors on the books for occasional or small vendor relationships, rather than setting up a separate vendor account for these infrequent. If we provide some services to the vendors they are paying for our services therfore the person who are paying us becomes our sundry debtors.
