CONTROL ACCOUNT II

Financial Accounting SSS2 Third Term

WEEK – FIVE

CONTROL ACCOUNT II

CONTENT

TOPIC: CONTROL ACCOUNT 

Illustration: The following balance were extracted from the books of Olotun Enterprises on 30^th October, 1993                                             

                                                                                        N

Purchase 1993                                                                  7,532

Purchase ledger 1/10/93                                                    7,948

Sales ledger 1/10/93                                                          90,454

Sales day book                                                                   77,530

Returns outwards                                                               3,960

Returns inwards                                                                 14,180

Cheque received from customers                                       56,680

Cheque paid to suppliers                                                    61,860

Cash overpaid to supplier                                                       240

Discount allowed                                                                 …