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The financial year of Ali & Co is closed on June 30, 2007. Data regarding Ali & Co is
given below:
Rs.
Opening balance
Debtors 75,000
Creditors 125,000
Closing balance
Debtors 100,000
Creditors 150,000
Sales
Cash 100,000
Credit 130,000
Purchases
Cash 80,000
Credit 100,000
Purchase returns (From credit purchases) 5,000
Receipts from debtors ? 88500
Payments to creditors ? 65000
Discount allowed 2,000
Discount received 5,000
Bad debts written off 13,000
Increase in provision for doubtful debts 2,500
Required:
Prepare Debtors control account and Creditors control account.
What else can I help you with?
Format for Debtors control account and creditors control account?
debtors
What is the methods of internal control account debtors and creditors?
ahshshj
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?
Format for Debtors control account and creditors control account?
debtors
What is the methods of internal control account debtors and creditors?
ahshshj
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?
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
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.
What are the advantages of control accounts?
To prevent fraud To detect any error To control specific ledgers To provide the total debtors and creditors quickly whenever required
Different between credit control and salesperson?
Credit Control is the part of business which is responsible for negotiation with creditors and receiving debt timely from debtors. However, a sales person is only responsible for marketing and selling the company products.
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 is debtors method?
It is related to "control" the accounts of debtors for some purposes.
