Saturday 5 January 2013
Question No.01
Debtors control
account definition
It reflects the
total amount owed by the all the individual debtors. The balance of the debtors
control account must equal the total of the debtors list, which represents the
amounts owed by the individual debtors obtained from the individual balances in
the various subsidiary ledger accounts for each debtor. This subsidiary ledger
is known as the debtor’s ledger.
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Debtors Control Account
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Balance b/d |
xx |
Cash/Bank |
xx |
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Sales |
xx |
Discount Allowed |
xx |
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Bank (Reverse Cheque) |
xx |
Return Inward |
xx |
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Discount (cancelled) |
xx |
Bad Debts |
xx |
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Other Charge by Debtor |
xx |
Contra |
xx |
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Balance b/f |
xx |
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total |
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total |
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For Example
Question No.02
Bank Reconciliation
Statement
It is a process
that explains the difference between the bank balance shown in an
organization's bank statement, as supplied by the bank, and the corresponding
amount shown in the organization's own accounting records at a particular point
in time.
Following is the
same question and solution according Question 2 of this assignment
