Control Accounts - Principles of Accounting

7/27/2019 Control Accounts - Principles of Accounting

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Accounting Balance Sheet Inventory Control Credit Control

Control Accounts

Control Accounts are the total accounts used for checking the arithmetical accuracy of each of ledger

separately. A control account contains the same information as the individual ledger accounts which it

controls, but in total.

Purposes of control accounts

Set off / contra entries. Sometimes, the same person may be a debtor as well as a creditor for the

business. At the end of the month, the smaller amount in his account from one ledger is transferred to his

account in the ledger with large amount. The entry passed for recording this transfer is known as set off

or contra entry.

Key Points

Sources of information for items appearing in the sales ledger control account

The format of sales ledger control account

Sources of information for items appearing in the sales ledger control account

1. To act as a check on the accuracy of the totals of the balances in the sales and purchases ledgers.

2. To provide totals of debtors and creditors quickly when a trial balance is being prepared.

3. To identify the ledger(s) in which errors have been made when there is a difference on the trial

balance.

4. To act as an internal check on the work of the sales and purchases ledger clerks to detect errors

and deter fraud, under the charge of a responsible person

Control accounts are considered as total accounts.

Debtors ledger control account is also known as sales ledger control account or total debtors

account.

Creditors ledger control account is also known as purchases ledger control account or total creditors

account.

Balance in sales ledger control account is the balance of debtors at the year end and balance in

purchases ledger control account is balance of creditors.

Cash sales and cash purchases are not recorded in the control accounts.

The double entry to record set off from purchase ledger to sales ledger is to debit purchase ledger

control account and credit sales ledger control account.

Dishonoured cheque which was received from debtors is shown in the debit side of the sales ledgercontrol account.

Interest on overdue accounts charged from customers and refunds to customers for overpayments

by them are shown on the debit side of sales ledger control account.

Interest charged by suppliers and refunds received from suppliers for overpayments to them are

recorded in the credit side of purchases ledger control account.

Provision for bad debts is not included in sales ledger control account

Small balance in a control account represents advance payments, overpayments etc.

1. Credit sales- sales day book total.

2. Returned cheques (unpaid cheques) cash book- payments side/ bank statement.

3. Interest charged to debtors- Interest received account.

4. Cash or cheques from debtors cash book-receipts side.

5. Discount allowed cash book (debit side) or discount allowed account.

6. Sales returns sales returns day book total.

7. Bad debts written off general journal or bad debts account.

8. Set off or contra entries- general journal.

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Format of purchase ledger control account

Control Account Questions:

Q1.The following balances have been extracted from the books of a business on 31 may 2006 Prepare the

Sales Ledger control account $

Opening Debtors 6 000

Receipts from debtors 11 400

Discounts allowed 600

Returns Inwards 500

Bad debts written off 500

Set off from purchase ledger 1 000

Credit sales of goods 15 000

Credit balances on 31 May 2006 200

Dishonored cheques 100

Interest charged from debtors 100

Cash refunds to customers 50

Q2.The following balances have been extracted from the books of a business on 31 may 2006 Prepare the

Sales Ledger control account $

Opening Debtors 10 000


Discounts allowed 500

Returns Inwards 300


Set off from purchase ledger 800

Credit sales of goods 25 000

Credit balances on 31 May 2006 300

Dishonored cheques 1000

Interest charged from debtors 200

Cash refunds to customers 100

Q3. The following balances have been extracted from the books of a business that uses control accounts.The business makes up the control accounts on 31 may 2006.Prepare the Purchases Ledger Control

Account

$

Opening Creditors 4 000

Payments to creditors 7 600

Discounts received 400

Purchases returns 500

Set off from Sales Ledger 1 000

Interest charged by suppliers 200

Cash refunds from suppliers 100

1. Credit sales- sales day book total.

2. Returned cheques (unpaid cheques) cash book- payments side/ bank statement.

3. Interest charged to debtors- Interest received account.

4. Cash or cheques from debtors cash book-receipts side.

5. Discount allowed cash book (debit side) or discount allowed account.

6. Sales returns sales returns day book total.

7. Bad debts written off general journal or bad debts account.

8. Set off or contra entries- general journal.


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Credit Purchases 12 000

Q4.The following balances have been extracted from the books of a business that uses control accounts.

The business makes up the control accounts on 31 may 2006. Prepare the Purchases Ledger Control

Account

$

Opening Creditors 6 000



Purchases returns 750

Set off from Sales Ledger 1 500

Interest charged by suppliers 300

Cash refunds from suppliers 150

Credit Purchases 18 000

Q5. The following details are available from the books of Weston for the month of May, 2003.Prepare

Sales ledger control account and Purchases ledger control account.

$

Opening debtors 4 000

Opening creditors 3 800

Cash received from debtors 8 000

Cheques received from debtors 60 000

Cheques paid to creditors 55 000

Cash paid to creditors 7 000

Bad debts written off during the year 750

Discount allowed 1 250

Discount received 1 000

Returns inwards 800

Returns outwards 500

Transfer from purchases ledger to sales ledger 500

Credit sales 80 000

Credit purchases 71 000

Q6. From the following information prepare the sales ledger control account and purchases ledger

control account. $

Opening debtors 12 000

Opening creditors 8 000

Credit sales 30 000


Returns inwards 500


Discounts allowed 1 000



Cash paid to creditors 2 500

Cheques paid to creditors 20 000

Cheques received from debtors 25 000

Cash received from debtors 4 500

Customers cheques returned unpaid 1 000

Set off from sales ledger to purchases ledger 600

Q7. The following details are available from the books of Mathews for the month of June, 2003.

Prepare the sales ledger control account and purchases ledger control account for the month of June,

2003. $

Sales ledger control account balance b/d 10 000


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Purchases ledger control account balance b/d 8 000

Purchases for the month 12 000

Sales for the month 16 000

Returns inwards 1 000




Customers cheques returned unpaid 500


Discount received 550

Discount allowed 750

Transfer from purchases ledger to sales ledger 600

Credit balance in sales ledger control account 600

Debit balance in purchases ledger control account 200

Q 10. The following information is relating to the business of Anson for the month ended 31st March2003:-

Credit sales and return inwards are subject to 10% trade discount on list price.

Required:-

Q11. The following information was obtained from the books of K. Vasanthi.

*All purchases and purchase returns were subject to a trade discount of 20%off the list price. During the

year cash sales were $ 22 000 and cash purchase were $ 12,500.

*On 31st March 2004 the stock in trade was valued at 12,500.

1st March 2003 Debtors 4,000

Creditors 2,00031 March Credit sales at list price 2,00,00

Cash sales 5,000

Returns inwards at list price 1,500

Credit purchases 12,000

Discount allowed 1,500

Discount received 1,400

Customers cheque returned by bank with remarks of

insufficient funds

900

Interest charged on overdue debts 250

Return outwards 750

Cheques paid to suppliers 7,000

Cheques and cash received from credit customers 15,000

Credit balance in sales ledger 300


1. Make sales ledger control accounts of Mr. Ibrahim for the month of March 2003.

2. Calculate total Turn over on 31st March 2003

$

1st April 2003 Trade debtors 19,012

Trade creditors 5,160

Stock in trade 15,000

31st March 2004 Credit sales 40,690

Credit purchase at list price* 14,400

Purchase return at list price* 400

Sales return 240

Cash and cheque received from debtors 39,160

Customers cheque dishonored 500

Cash and cheque paid to suppliers 10,340


Discount allowed 420Interest charged to customers on Overdue accounts 140


Balance in the sales ledger set off against balance in

the purchase ledger

700

Cash refunds from suppliers for over payments 120

Debit balance in purchase ledger 80

Credit balance in sales ledger 124

Overdue interest charged by our suppliers 260

Cash refunds for over payments made by customers 360


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Required:-

Q12. The following details are available from the books of a business for the year ended 31st December2002:- $

On 1-1-2000 The balance in the provision for bad debts account $ 400

On 31-12-2000 Total debtors $12 000

On 1-1-2002 Purchase ledger control account balance $ 12 700

On 1-1-2002 Sales ledger control account balance $ 14 200

On 31-12-2002:

Cheque issued to suppliers $ 19,200

Cheque received from customers $ 50,400

Discount allowed $ 400

Discount received $ 600

Returns inwards $ 1 000

Return outwards $ 900

Bad debts written off $ 1 200

Dishonored cheque returned to us $ 1 200

Credit sales $ 52 000

Credit purchases $ 28 000

Set off from purchase ledger to the sales ledger $ 2 000

5% of year end debtors should be created as provision for bad debts

Required to prepare:-

a. Purchase ledger control account for the year ended 31st December 2002

b.Prepare the sales ledger control account for the year ended 31st Dec 2002.

c.The provision for bad debts a/ct and the balance sheet extracts for the 3 years ended 31st Dec2000,2001 and 2002.

Q13. The following details are available from the books of a business for the year ended 31st December2002:- $

On 1-1-2000 The balance in the provision for bad debts account 600

On 31-12-2000 total debtors 18 000

On 1-1-2002 Purchase ledger control account balance 19 150

On 1-1-2002 Sales ledger control account balance 21 300

On 31-12-2002:

Cheque issued to suppliers 28 800

Cheque received from customers 75 600

Discount allowed 600


Returns inwards 1 500

Return outwards 1 200

Bad debts written off 1 800

Dishonored cheque returned to us 1 800

Credit sales 78 000


Set off from purchase ledger to the sales ledger 3 000

5% of year end debtors should be created as provision for bad debts

Required to prepare:- Purchase ledger and sales ledger control accounts for the year ended 31stDecember 2002

MCQ

C. General journal D. Sales ledger

1. Total Debtors Account for the year ended 31st March 2004

2. Total Creditors Account for the year ended 31st March 2004.

3. c. Calculate the Gross profit of the business for the year ended 31st march 2004.

1. What is the source of information for credit sales for preparing the control accounts?

1. Sales account in the General ledger B. Sales journal


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A. Opening balance of debtors B. Discount received

C. Discount allowed D. Returns inwar

3. Which item will appear on the debit side of a debtors ledger control account?

A. Cash sales B. Cheques received

C. Return inwards D. Sales on credit

4. Which item will appear on the credit side of a purchase ledger control account?

A. Cheques paid B. Discount received

C. Credit purchases D. purchases returns

5. What is the purpose of preparing the control accounts?

A. To calculate the total sales

B. To calculate the closing debtors only

C. To calculate the closing creditors only

D. To check the arithmetical accuracy of each ledger separately.

6. What is the alternative name of the sales ledger control account?

A. Total debtors account B. Total creditors account

C. Purchases account D. sales account.

7. Cash is refunded to customer, who had overpaid his account. In which ledger control account it is

recorded?

8. A refund was received from a supplier for excess payment made by us.

Where should it be recorded?

A. Debit side of sales ledger control account.

B. Credit side of sales ledger control account.

C. Debit side of purchase ledger control account.

D. Credit side of purchase ledger control account.

9. A purchase ledger control account is prepared from the following list of items:-

Total creditors at the start of the month $ 900

Credit purchases $ 12000

Customers debts written off $ 200

Cash paid to creditors $ 11800

Returns inwards $ 300

What is the closing balance?

A. $ 600 B. $900 C. $ 1100 D. 1400

10. The table shows details of sales ledger:-

Sales ledger opening balance $ 1894

Total credit sales $ 10290

Cheques received from customers $ 7284

Cash received form customers $ 1236

Returns inwards $ 296

What is the closing balance of debtors?

A. $ 3664 B.$ 3072 C. $ 3368 D. $ 2664

Incoming search terms:

1. Which of the following is not considered while preparing the sales ledger control account?

1. Debit side of sales ledger control account.

2. Credit side of sales ledger control account.

3. Debit side of purchase ledger control account.

4. Credit side of purchase ledger control account.

5.


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Documents

Control Accounts - Principles of Accounting