摘要：Revision: Control Accounts For a small firm, the trial balance alone may prove sufficient in providing a check on the numerical accuracy of the ledger accounts. Whilst still useful, the trial balance will not necessarily speed up the location of errors. If a firm operates ledgers for sales, purchases and general accounts then control accounts can be used as a further check on the accuracy of the ledgers. In effect, a control account is like a tri
Revision: Control Accounts
For a small firm, the trial balance alone may prove sufficient in providing a check on the numerical accuracy of the ledger accounts. Whilst still useful, the trial balance will not necessarily speed up the location of errors.
If a firm operates ledgers for sales, purchases and general accounts then control accounts can be used as a further check on the accuracy of the ledgers. In effect, a control account is like a trial balance for each of the sales and the purchases ledger. If the control account does not tally with the accounts in each ledger, then an error will exist in that ledger.
Two control accounts
Sales ledger control account (also known as the total debtors account)
Purchases ledger control account (also known as the total creditors account)
Each control is a summary total of the respective ledger. It has the totals for all balances and all entries as found in the sales or the purchases ledger. It is easier to imagine them as an overall debtor account (for the sales ledger account) or an overall creditor account (for the purchases ledger account).
Construction of control accounts
The information for constructing each control accounts are taken from both the personal accounts of debtors and creditors, as well as information form the main daybooks (e.g. sales daybook for total of credit sales). The main sources of information are found in the following locations:
……
A control account will appear as if it is a personal account - with amounts relating to purchases and sales, returns, discounts as well as payments made and received. The examples below are to remind you of what a debtor and what a creditor account looks like:
……
(*1 this is a debit balance but it is initially carried down from the credit side when the account is balanced off)
……
(*2 this is a credit balance but it is initially carried down from the debit side when the account is balanced off)
Set-offs
Some firms may find that they have customers who are also suppliers. In this case, there
will be an account for this firm or person both in the sales ledger (as a customer) and in the purchases ledger (as a supplier). It could appear to be common sense that rather than both parties send a cheque to each other, the amounts owing (both to and by the firm) should be partly offset against each other. If you owe someone £5 who also owes you £10, then it would be sensible for you to offset the debt and accept £5 in full settlement of both debts. This can also be achieved with firms and are known as set-offs.
As a general rule, set-offs will appear in both control accounts and on the following sides:
In the sales ledger control account - on the credit side
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