CIMA BA3 Syllabus B. RECORDING ACCOUNTING TRANSACTIONS - Control accounts and double-entry system - Notes ^{8 / 12}

In previous topic, we discussed the books of prime entry.  We have also looked at the flow of information where we have seen that the totals from the books of prime entry are posted in the nominal accounts using double-entry.

The trade receivables figure shows the total amount owed by all customers at a particular point in time. It is also called the receivables ledger control account (RLCA).

The trade payables figure shows the total amount owed to all suppliers at a particular point in time. It is also called the payables ledger control account (PLCA).