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  • Account Receivabe Account/ Debtors Account

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    tariq iqbal
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    This document provides an overview of accounts receivable and accounts payable accounting. It lists transactions that affect the opening and closing balances of accounts receivable, such as credit sales, cash received, discounts allowed, sales returns, bad debts, and set offs. Similarly, it outlines transactions like cash paid, purchases returns, discounts received, bills payable, and set offs that impact the opening and closing balances of accounts payable. Gross sales are defined as the sum of credit sales and cash sales.

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    Original Title

    Control Ledger Accounts

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    This document provides an overview of accounts receivable and accounts payable accounting. It lists transactions that affect the opening and closing balances of accounts receivable, such as credit sales, cash received, discounts allowed, sales returns, bad debts, and set offs. Similarly, it outlines transactions like cash paid, purchases returns, discounts received, bills payable, and set offs that impact the opening and closing balances of accounts payable. Gross sales are defined as the sum of credit sales and cash sales.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as docx, pdf, or txt
    9 views4 pages

    Account Receivabe Account/ Debtors Account

    Uploaded by

    tariq iqbal
    This document provides an overview of accounts receivable and accounts payable accounting. It lists transactions that affect the opening and closing balances of accounts receivable, such as credit sales, cash received, discounts allowed, sales returns, bad debts, and set offs. Similarly, it outlines transactions like cash paid, purchases returns, discounts received, bills payable, and set offs that impact the opening and closing balances of accounts payable. Gross sales are defined as the sum of credit sales and cash sales.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as docx, pdf, or txt
    of 4

    Account Receivabe Account/ Debtors Account

    Opening balance xxx Cash received xxx

    Credit sales ( balancing xxx Discount allowed xxx


    figure)
    Sales return xxx

    Bad debts xxx

    Set off xxx

    B/Rec xxx
    Closing balance xxx

    Gross Sales= Credit sales + Cash sales

    Account Payable Account/ Creditors Account


    Cash Paid xxx Opening balance xxx

    Purchases Return xxx


    Credit purchases
    Discount Received xxx ( balancing figure) xxx

    Bill payable xxx

    Set off xxx

    Closing balance xxx

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