CHAPTER 37 Debtors and Creditors Control Accounts

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CHAPTER 37 Debtors and Creditors Control Accounts 21/05/2019 CHAPTER 37 Debtors and Creditors Control Accounts Based on Qs 4 and 8 12 pages 339 and 340 in the Textbook This is the Title Slide R. DELANEY

Debtors Control Account: Summary R. Delaney Debtors Control Account: Summary Enter the total value of opening balances on the debit side of the Control Account The debtors received the goods sold to them therefore debit the Control Account with the total value of Credit Sales The debtors are the givers of the goods returned therefore credit the Control Account with the total value of Sales Returns. The debtors are the givers of the payments received therefore credit the Control Account with the total value of Debtors in the Analysed Cash Book.

Q4 (“T” Format) Date Details F € Date Details F € 1/11/11 R. Delaney Q4 (“T” Format) Debtors Control A/C at 31/11/11 Date Details F € Date Details F € 1/11/11 Opening Balance 80,000 31/11/11 Returns SRB1 20,000 31/11/11 Sales SB1 70,000 31/11/11 Bank CB1 90,000 _____ 31/11/11 Bal c/d 40,000 150,000 150,000 Balance b/d 40,000

Q4 Continuous Balance Format R. Delaney Q4 Continuous Balance Format Debtors Control A/C at 31/11/11 Date Details F Dr. Cr. Balance € € € 1/11/11 Opening Balance 80,000 31/11/11 Sales SB1 70,000 150,000 31/11/11 Returns SRB1 20,000 130,000 31/11/11 Bank 90,000 40,000

Creditors Control Account: Summary R. Delaney Creditors Control Account: Summary Enter the total value of opening balances on the credit side of the Control Account. The creditors are the giver of goods purchased from them therefore credit the Control Account with the total value of Credit Purchases. The creditors are the receivers of the goods returned therefore debit the Control Account with the total value of Purchases Returns. The creditors are the receivers of the payments made therefore debit the Control Account with the total value of Creditors in the Analysed Cash Book.

Q8 (“T” Format) Date Details F € Date Details F € 30/6/11 R. Delaney Q8 (“T” Format) Debtors Control A/C at 31/11/11 Date Details F € Date Details F € 30/6/11 Purchases Returns PRB1 20,000 1/6/11 Balance 80,000 30/6/11 Bank CB1 40,000 30/6/11 Purchases PB1 60,000 30/6/11 Balance c/d 80,000 _____ 140,000 140,000 Balance b/d 80,000

Q8 Continuous Balance Format R. Delaney Q8 Continuous Balance Format Debtors Control A/C at 31/11/11 Date Details F Dr. Cr. Balance € € € 1/6/11 Opening Balance 80,000 30/6/11 Purchases PB1 60,000 140,000 30/6/11 Returns PRB1 20,000 120,000 30/6/11 Bank CB1 40,000 80,000