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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

Balance b/d 79480

Sales day book 775300

Debit note issued 5300

860080

Balance b/d 113740

Returns inward day book 141800

Cheques received from customers 566800

Discounts allowed 37740

Balance c/d 113740

860080

Creditors Control Account

Returns outward day book 39600

Cheques paid to suppliers 618600

Discounts received 26780

Credit note received 2800

Balance c/d 294480

982260

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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