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Verification ledger control accounts

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This document outlines the steps to verify the accuracy of entries made in the sales and purchases ledgers, which are not part of the double entry system. It discusses the sales ledger control account and purchases ledger control account, including balances brought down and forward, various journals, contra accounts, and errors.

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Verification ledger control accounts
• Master total account • Verify the accuracy of entries made in the sales ledger and the purchases ledger. • Not part of the double entry system.
• Sales ledger control account • Balance b/d • Sales journal • Returned cheques • Balance b/d • Bank • Discounts allowed • Sales returns journal
• Contras • Irrecoverable debts written off • Balance c/d
• Balance b/d • Purchases journal • Cancelled cheques • Bank • Discounts received • Purchases returns journal • Contras • Balance c/d
• Errors • Benefits • limitations

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Verification ledger control accounts

  • 2. • Master total account • Verify the accuracy of entries made in the sales ledger and the purchases ledger. • Not part of the double entry system.
  • 3. • Sales ledger control account • Balance b/d • Sales journal • Returned cheques • Balance b/d • Bank • Discounts allowed • Sales returns journal
  • 4. • Contras • Irrecoverable debts written off • Balance c/d
  • 5. • Balance b/d • Purchases journal • Cancelled cheques • Bank • Discounts received • Purchases returns journal • Contras • Balance c/d