Acca financial Accounting (FA) Study Text ac ca (FA)

Control account reconciliations 

246

 

KAPLAN PUBLISHING

 

At 30 November 20X5 the balances in the Receivables’ and Payables’ 

ledgers, as extracted, totalled: 

Dr

Cr

$ 

$

Receivables’ ledger balances 

To be calculated 

2,000 

Payables’ ledger balances 

200 

To be calculated 

Prepare the receivables' ledger control account and the payables' 

ledger control account for Jones Co for the month of November 20X5 

to determine the closing debit and closing credit balances on the 

receivables' ledger control account and payables' ledger control 

account respectively.

 

4 

Control account reconciliations 

As stated above, the reconciliation is a working to ensure that the entries in the 

ledger accounts (memorandum) agree with the entries in the control account. 

The totals in each should be exactly the same. If not it indicates an error in 

either the memorandum account or the control account. All discrepancies 

should be investigated and corrected.