Day 2. Recording Transactions
E3. Control accounts and reconciliations
a) Understand the purpose of control accounts for accounts receivable and accounts payable.
b) Understand how control accounts relate to the double-entry system.
c) Prepare ledger control accounts from given information.
d) Perform control account reconciliations for accounts receivable and accounts payable.
e) Identify errors which would be highlighted by performing a control account reconciliation.
f) Identify and correct errors in control accounts and ledger accounts.
Introduction to control accounts: important entries
Calculating trade and settlement discounts
Sales tax and Discounts
Discounts and Sales Tax: calculation
Drawing up control accounts
Drawing up RLCA
Drawing up PLCA
Reconciling control accounts 1
Reconciling control accounts 2
Mock exam 1 Q13
Mock exam 1 Q14
Mock exam 1 Q17
Mock exam 1 Q19
Mock exam 1 Q20
Mock exam 1 Q34
Mock exam 1 Q44
Mock exam 1 Q46