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.
Viewing only
This content is free to read on superexams.com and cannot be printed or downloaded.
Read the full note, free
Create a free account to read this note in full. Every free account gets 2 complete revision notes, no card needed.