Sales ledger and purchases ledger control accounts, their entries and sources, reconciling control accounts to the ledger, and contra (set-off) entries.
Purpose of control accounts
A control account is a summary account that should equal the total of all the individual accounts in a ledger. The sales ledger control account (SLCA) summarises trade receivables; the purchases ledger control account (PLCA) summarises trade payables. They provide a check on the ledgers and let a trial balance be drawn up quickly.
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