Sales and purchases ledger control accounts, and reconciling the cash book with the bank statement.
Control accounts
A control account summarises a whole ledger and checks its accuracy:
- Sales ledger control account (SLCA) — total receivables. Debit: opening balance, credit sales; Credit: receipts, returns, irrecoverable debts.
- Purchases ledger control account (PLCA) — total payables.
Its balance should equal the total of the individual accounts — a check on accuracy.
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