CONTROL ACCOUNTS

Introduction Control accounts are so called because they control a section of the ledgers. By control we mean that the total on the control accounts should be the same as …

The Ledger

The ledger is simply the accounts. The Ledger is classified into 3 main classes. 1. Sales Ledger, which has the accounts of all the debtors. 2. Purchases Ledger, which has …

The General Journal

It records information from other correspondence (information that is not recorded in the above books of prime entry). It explains the type of entries that will be made in the …

Cash Books

A cashbook records all the receipts (cash and cheques from customers and debtors or other sources of income) and all the payments (to creditors or suppliers and other expenses) for …

Double Entry Aspects

The Accounting equation forms the basis of double entry and therefore it should always be maintained. Any change in assets, liabilities or capital will have a double effect such that …