Year 11 Exam > Year 11 Notes > Accounting for GCSE/IGCSE > Purchases Ledger Control Accounts
Purchases Ledger Control Accounts | Accounting for GCSE/IGCSE - Year 11 PDF Download
Where do I find the information to complete a purchases ledger control account?
- Utilize the books of prime entry to determine the totals
- Refer to the purchases journal to ascertain the total value of credit purchases
- Use the purchases returns journal to identify the total value of returned goods
- Consult the cash book to find the total values for:
- Money paid to credit suppliers
- Money refunded by credit suppliers
- Cash discounts received from credit suppliers
- Analyze the journal to determine the total values for:
- Interest charged by credit suppliers on overdue accounts
- Contra entries against the sales ledger
Why might there be a debit balance in a purchases ledger control account?
- Typically, a trade payables account shows a credit balance, signifying the amount the business owes to credit suppliers.
- However, it's possible for a trade payables account to display a debit balance, indicating that the credit supplier owes money to the business.
- Debit balances may occur when:
- The business settles payments with credit suppliers in advance.
- Overpayments are made to credit suppliers by the business.
- Refunds are owed to the business from credit suppliers.
- Goods are purchased by the business but subsequently returned.
- Debit and credit balances are separately totaled within the purchases ledger control account, leading to the possibility of having two distinct opening and closing balances.
Question for Purchases Ledger Control AccountsTry yourself: Where can you find the total value of credit purchases to complete a purchases ledger control account?View Solution
What is the layout of a purchases ledger control account?
The format closely resembles that of a trade payables ledger account, with minor distinctions:
- It may feature two opening balances.
- It may include two closing balances.
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FAQs on Purchases Ledger Control Accounts - Accounting for GCSE/IGCSE - Year 11
| 1. Where can I find the information needed to complete a purchases ledger control account? |  |
Ans. The information required to complete a purchases ledger control account can be found in the purchases ledger, which contains all the individual accounts of suppliers and details of purchases made on credit.
| 2. Why might there be a debit balance in a purchases ledger control account? | |
Ans. A debit balance in a purchases ledger control account may occur if the total amount of credit purchases made during the accounting period exceeds the total amount of payments made to suppliers, resulting in a net amount owed to suppliers.
| 3. What is the layout of a purchases ledger control account? | |
Ans. The layout of a purchases ledger control account typically includes columns for date, invoice number, supplier name, debit purchases, credit payments, and a running balance to track the amount owed to suppliers.
| 4. How often should a purchases ledger control account be reconciled? | |
Ans. A purchases ledger control account should be reconciled regularly, such as monthly or quarterly, to ensure that the account accurately reflects the company's outstanding liabilities to suppliers.
| 5. How can errors in a purchases ledger control account be identified and corrected? | |
Ans. Errors in a purchases ledger control account can be identified through a thorough review of the individual supplier accounts and comparing the balances to the control account. Any discrepancies should be investigated and corrected to ensure the accuracy of the financial records.
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Nov 24, 2024 Last updated |
Document Description: Purchases Ledger Control Accounts for Year 11 2024 is part of Accounting for GCSE/IGCSE preparation.
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