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SS1 Third Term Financial Accounting Lesson Note – Purchases Ledger Control Account

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WEEK 10      

CLASS:  SS1

TOPIC:  CONTROL ACCOUNT

CONTENT:  Purchases Ledger Control Account

Sub – topic 1 Treatment of cash /bank payment and discount received.

  • Exercise 10, page 234 of Simplified and Amplified Book Keeping & Accounting for SSS 1, 2, 3 third edition 2012 by Femi Longe is treated and solved.

LOLA ENTERPRISES

Debtors Control Account

                                                       N

Balance b/d                                         79480

Sales day book                                  775300

Debit note issued                                   5300

 

860080

Balance b/d                                         113740

N

Returns inward day book                    141800

Cheques received from customers      566800

Discounts allowed                                  37740

Balance c/d                                           113740

860080

Creditors Control Account

N

Returns outward day book                       39600

Cheques paid to suppliers                      618600

Discounts received                                   26780

Credit note received                                    2800

Balance c/d                                             294480

982260

                                     N

Balance b/d                                          75320

Purchases day book                            904540

Cash refunded from a supplier                2400

 

Balance c/d                                        294480

982260

Balance b/d                                          294480

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