Control accounts：練習題

What is a primary purpose of preparing a Purchases Ledger Control Account?

Which of the following would result in a debit entry in the Purchases Ledger Control Account?

What is the primary purpose of maintaining a Sales Ledger Control Account?

During an accounting period, a company received a credit note from a supplier for goods returned and also identified an entry in its cash book for a cheque payment made to a supplier that was subsequently dishonoured by the bank. Explain how these two transactions would affect the Purchases Ledger Control Account.

Control accounts are used by many businesses as a means of verifying accounting records.
(a) State two purposes of preparing a Sales Ledger Control Account.
(b) Identify the book of prime entry used to obtain the total for 'Sales Returns' in the control account.

Amina is a trader who maintains a Sales Ledger Control Account. On 1 April 2024, the debit balance was \(\$12,400\).

(a) Identify the book of prime entry used to provide the total for each of the following in the Sales Ledger Control Account:
(i) Interest charged on overdue accounts.
(ii) Contra entries with the purchases ledger.

(b) During April 2024, the following transactions occurred:
- Total credit sales: \(\$15,200\)
- Sales returns: \(\$850\)
- Cash and cheques received from credit customers: \(\$13,100\)
- A cheque received from a customer, \(\$240\), was dishonoured by the bank.
- Amina issued a refund of \(\$110\) by cheque to a customer who had previously overpaid.

Calculate the debit balance on the Sales Ledger Control Account at 30 April 2024.