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