2 Debtors Control Accounts SourceOpening BalanceFrom previous periodCredit SalesSales Day BookReceipts From DebtorsCash Receipts BookDishonoured ChequesGeneral JournalDiscount AllowedDiscount Allowed DisallowedReturns InSales Returns Day BookDebtors RefundsCheque Payments BookBills ReceivableInterestGeneral Ledger AccountBad DebtsContrasClosing balanceC/D to next period
3 Debtors Control Accounts SourceOpening BalanceFrom previous periodClosing balanceC/D to next periodNormally the Debtors opening balance is a debit but some accounts can have a credit balance.The debtor will be owed money if he…overpaid an invoice.cleared his account & later returned goods for a refund.cleared his account & later received additional discount.
4 Debtors Control Accounts SourceCredit SalesSales Day BookReceipts From DebtorsCash Receipts BookNormal TransactionsInvoicesPayments
5 Debtors Control Accounts Source2 Dishonoured ChequesGeneral Journal1. Discount AllowedCash Receipts Book3 Discount Allowed DisallowedIf a debtor pays within 30 days they are given 1 discount.However if their cheque is 2 dishonouredthis discount is 3 reversed
6 Debtors Control Accounts SourceDebtors RefundsCheque Payments BookReturns InSales Returns Day BookIf goods are returned they are credited.If these goods had been paid then theCreditor must issue a refund Cheque
7 Debtors Control Accounts SourceInterestGeneral Ledger AccountBills ReceivableGeneral JournalInterest is charged on overdue accountsBills Receivable are written promises to pay stated amounts at future dates.treated like cheques receivedBills due within 12 months - currentBills due after 12 months - non-current
8 Debtors Control Accounts SourceBad DebtsGeneral Ledger AccountContrasGeneral JournalIf a firm owes money to a person and is owed money by the same person. The person will appear as a debtor and a creditor in the firms books.Contras are debts offset between debtor and creditor accounts for the same company