Format For Sales Ledger Control Account. - WEEK EIGHT

Topic: Format For Sales Ledger Control Account.
Sales ledger or Debtors control Account ________________________________________
DR. I CR
N lCash from custom.x
Bal b/f x lChequ 4rm customx
Credit sales x lreturns inwards x
Debit note issued. x lBad debt x
Dishonored cheque xl discount allowed x
Discount disallowed xlcredit note issue x
Carriage outwards xlBill receivable. x
Int. Charg on overdue A/c xlContra x

The rule here is that any item that will increase the amount owe by debtors are ,1 while any item that will decrease the amount owe by debtors are been credited.

Example 1
The following balances appears in the books of Amara as at 31stDecember 2015 N
Sundry debtors 14581
Credit balance in sales ledger 902
Bad debt written off. 627
Discount allowed. 1593
Sales return and allowances 840
Bills receivables accepted 8351
Cash received from customers 32706
Credit sales 37906
Balance on sales ledger set off 1493
Balance at close 1279
You are required to prepare Sales Ledger Control A/c
SOLUTION
Sales Ledger Control Account
________________________________________
N. I N
Bal b/f. 14581 lBalance b/f 902
Sales. 37906 lBad debt 627
Bal c/d. 1279. IDiscount All1593
I return inw. 840
ICash 4r cu32706
I Bill receiv. 8351
I Set off 1498
I Balance c/d7249
________ l ______ 53766 53766 ________. I ________

Lesson Note on financial Accounting__ 9th Week_ SSI
Format For purchases ledger control A/c
________________________________________
N N
Cash to suppliers. x Bal b/f x
Cheque to supplier. xCredit purchas.x
Returns outwards. xdisc. rec.withdx
Credit Note received. xCash refund. x
Discount received c Bal b/d x

Bill payable. x
Bal C/d x

___________. _______

x. x
_____________ _______

Lesson Note for the 10th Week

Mr Michael had the following balances as at let June 2014. N
Sundry creditors 9724
Debit balances in purchases Ledg. 660
The following transaction took place
for the month of June.
Payment to creditors. 28368
Bill payable accepted. 15129
Discount received. 1838
Purchases return allowances 749
Sales and purchases ledg.transf.1498
Credit purchases. 47317
Purchase debit balance at close 856
Prepare purchases ledger control account.

Solution
_________
Purchases ledger control account
_______________________________________
DR. N. I N
l
Bal b/f. 660. I bb/f,9724
Pay.to creditors 28368. ipurch.47317
Bills payable. 15129. IBal c/d 856
Discount received. 1838. Iretur.out.749
Set off. 1498. I
Balance c/d. 9655. I
_________. ,_____
57897. 57897