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Format for Debtors control account and creditors control account?
debtors
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
Does the returns inwards affect the debtors control account in the general ledger?
Yes, returns inwards affect the debtors control account in the general ledger. When goods are returned by customers, it results in a reduction of accounts receivable, which is reflected in the debtors control account. This decrease is typically recorded as a debit entry to the returns inwards account and a corresponding credit entry to the debtors control account, thereby adjusting the total amount owed by customers.
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 the methods of internal control account debtors and creditors?
ahshshj
Format for Debtors control account and creditors control account?
debtors
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
Does the returns inwards affect the debtors control account in the general ledger?
Yes, returns inwards affect the debtors control account in the general ledger. When goods are returned by customers, it results in a reduction of accounts receivable, which is reflected in the debtors control account. This decrease is typically recorded as a debit entry to the returns inwards account and a corresponding credit entry to the debtors control account, thereby adjusting the total amount owed by customers.
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 the methods of internal control account debtors and creditors?
ahshshj
Is it sales ledger control account and debtors control account are same?
Yes, the sales ledger control account and the debtors control account are essentially the same. Both terms refer to an account that summarizes all transactions related to credit sales and outstanding amounts owed by customers. This account serves to reconcile the total receivables recorded in the sales ledger with the general ledger, ensuring accuracy in financial reporting.
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 journal entry for allowances to debtors?
[Debit] Allowance for debtors account [Credit] Accounts receivable account
What type of account is debtors account?
Accounts Payable.
Is debtors control a liability?
Debtors control is not a liability; rather, it is an asset account that represents amounts owed to a business by its customers for goods or services provided on credit. It reflects the total receivables the company expects to collect in the future. Liabilities, on the other hand, are obligations the company has to pay to others, such as loans or accounts payable. Therefore, debtors control is classified as an asset on the balance sheet.
What account type is an intercompany account on the chart of accounts?
Other Debtors account
