the ones who disliked are only those who don't study whole year and say that its no use, but at the end of year they just lookup for videos like these and then are actually served right.
When there is a credit balance on the Sales control ledger account, do we bring down that balance on the debit side to balance off the account (as we would do for the debit balance)? Or do we just complete the usually balancing of the account to find the debit balance and bring down the same credit balance from the beginning to start of the next months (balance b/d)? thank you in advance for your response.
When there are two opening balances (one debit and one credit) but NO closing balance given, you simply balance off as normal (finding the difference between the two sides' total and inserting it on the side with the smaller amount). This amount is the balance c/d. There is no need to take the original credit balance b/d and make it an ending balance c/d. If, however, the opening credit balance b/d is also presented in the question as a closing credit balance, then you have to record it and determine the amount of the debit closing balance (i.e. the balance c/d for the credit side) Hope this helps. My apologies for the late reply.
Why In question they gave both debit balance bought down and credit bought down ...there will b only carried down ....i dint get this can you please explain me if possible Thank you
Hope this helps. This control account was created using all the balances from the Sales Ledger/Debtors Ledger (i.e. all the customers' accounts). A single figure was used for each common item represented under the account. Let's assume that at the start of the month, there was a customer/were customers owing the firm e.g. Debtor A - $2000; Debtor B - $300; Debtor C - $46. The total balance due for collection by the firm...AT THE START OF THE PERIOD as seen would have been $2346. Let's also assume that at the start of the month, the firm owed one or more customer(s) (possibly for refund due that was unpaid...or...for payment made for goods not received /discontinued etc.). This will give a credit opening balance of $140 The control account should not just given the net opening balance as this will not be representing the info. from which it was created, accurately. SHORT VERSION: Along with all the other items in the sales ledger control account, separate balances will be given for: ** amounts owing by customers (which is normal...since we are dealing with debtors/accounts receivables) ** all amounts owed to customers (which isn't the normal way...but must be credited...since these customers are technically...our creditors ...since we are owning them AT THAT POINT)
@@OnlineLearners360 Hello Sir, based on this response, I have a question. When there is a credit balance on the Sales control ledger account, do we bring down that balance on the debit side to balance off the account (as we would do for the debit balance)? Or do we just complete the usually balancing of the account to find the debit balance and bring down the same credit balance from the beginning to start of the next months (balance b/d)? thank you in advance for your response.
Hi Grace Chiutsu. Thanks for your question. If only one closing balance is given and it is a credit closing balance then you simply record this as a balance c/d on the DEBIT side of the control account. To balance the control account, simple total both sides and then insert the difference as balance c/d on the other side (since that side would have had a smaller total once all other items are recorded correctly). Hope I understood you correctly, and this response is helpful.
What is to be done, is dependent on the particular question that you're faced with. Here are some tips relating to the SALES LEDGER CONTROL A/c: 1. The items in the control account are placed on the same sides as seen in the video above. They do not change....(some questions may have additional items though) (a). Items/accounts that increases the amount of money owed by credit customers (i.e. debtors / accounts receivables) are placed on the debit side (b). Items/accounts that decrease/reduce the amount of money owed by credit customers are placed on the credit side If your question is referring to the "debit or credit side not being specified" as it relates to the BALANCE(S), consider the following: (a) At the start of the month, any opening balance is (normally) a debit balance (because this is aka Total Debtors account). (b) At the end of the month/period any unspecified balance given is a debit closing balance (meaning: the balance c/d goes on the CREDIT side). (c) Some questions (e.g. Single Entry & Incomplete Records) will require that you identify the Debtors (i.e. Accounts Receivables) balance at the start of the period, and at the end of the period and use those as the balance b/d and balance c/d respectively, for the Sales Ledger Control Account. (d) If no balance whatever is given, then you "May" have to insert all other known items and determine the closing balance by simply balancing-off the account. ***I hope this helps. If your question is tied to a particular CSEC past paper question, share the year and I can take a look at it.
Honestly, the best video I've found on RUclips and it did help me learn about control accounts.
Thank you a lot, I just started accounting classes and this video really helps me out.
You're welcome. Pleased to know you find it helpful.
the ones who disliked are only those who don't study whole year and say that its no use, but at the end of year they just lookup for videos like these and then are actually served right.
Fascinating 😊
Thank you, your voice is soft but your explanation is marvelous
good ..i do understand now can u please do purchase control account and maybe some other exercises with over cast under cast amounts
Thank you so much. This was a very helpful video 🙏🙏
Very well explained teaching, but the audio is a problem.
Sir your explanation is too good. Tnk u for sharing your knowledge.
Thanks...God bless your knowledge
When there is a credit balance on the Sales control ledger account, do we bring down that balance on the debit side to balance off the account (as we would do for the debit balance)? Or do we just complete the usually balancing of the account to find the debit balance and bring down the same credit balance from the beginning to start of the next months (balance b/d)? thank you in advance for your response.
When there are two opening balances (one debit and one credit) but NO closing balance given, you simply balance off as normal (finding the difference between the two sides' total and inserting it on the side with the smaller amount). This amount is the balance c/d. There is no need to take the original credit balance b/d and make it an ending balance c/d.
If, however, the opening credit balance b/d is also presented in the question as a closing credit balance, then you have to record it and determine the amount of the debit closing balance (i.e. the balance c/d for the credit side)
Hope this helps.
My apologies for the late reply.
Thank you for شرحنج
oh my god thank you so so much! youre a life saver god bless
You're welcome
nice presentation.
Glad you liked it!
thank you sir this was so helpful you are the goat
can control account have sale ledger and purchase ledger in it as on control accounts
Thanks a lot... YOU SAVED THE DAY
Thank you for the video!!! It was really really helpful😌😌😌😌😌.
You're welcome 😊
Why In question they gave both debit balance bought down and credit bought down ...there will b only carried down ....i dint get this can you please explain me if possible
Thank you
Hope this helps.
This control account was created using all the balances from the Sales Ledger/Debtors Ledger (i.e. all the customers' accounts).
A single figure was used for each common item represented under the account.
Let's assume that at the start of the month, there was a customer/were customers owing the firm e.g. Debtor A - $2000; Debtor B - $300; Debtor C - $46. The total balance due for collection by the firm...AT THE START OF THE PERIOD as seen would have been $2346.
Let's also assume that at the start of the month, the firm owed one or more customer(s) (possibly for refund due that was unpaid...or...for payment made for goods not received /discontinued etc.). This will give a credit opening balance of $140
The control account should not just given the net opening balance as this will not be representing the info. from which it was created, accurately.
SHORT VERSION:
Along with all the other items in the sales ledger control account, separate balances will be given for:
** amounts owing by customers (which is normal...since we are dealing with debtors/accounts receivables)
** all amounts owed to customers (which isn't the normal way...but must be credited...since these customers are technically...our creditors ...since we are owning them AT THAT POINT)
@@OnlineLearners360 Hello Sir, based on this response, I have a question. When there is a credit balance on the Sales control ledger account, do we bring down that balance on the debit side to balance off the account (as we would do for the debit balance)? Or do we just complete the usually balancing of the account to find the debit balance and bring down the same credit balance from the beginning to start of the next months (balance b/d)? thank you in advance for your response.
I have a question what if you are given a credit closing balance how do you balance it
Hi Grace Chiutsu. Thanks for your question. If only one closing balance is given and it is a credit closing balance then you simply record this as a balance c/d on the DEBIT side of the control account. To balance the control account, simple total both sides and then insert the difference as balance c/d on the other side (since that side would have had a smaller total once all other items are recorded correctly).
Hope I understood you correctly, and this response is helpful.
Can you do a full vid on depreciation (urgent)
sir can you do a full vid on insurance
What happens if the debit or credit side of the control account is not specified
What is to be done, is dependent on the particular question that you're faced with. Here are some tips relating to the SALES LEDGER CONTROL A/c:
1. The items in the control account are placed on the same sides as seen in the video above. They do not change....(some questions may have additional items though)
(a). Items/accounts that increases the amount of money owed by credit customers (i.e. debtors / accounts receivables) are placed on the debit side
(b). Items/accounts that decrease/reduce the amount of money owed by credit customers are placed on the credit side
If your question is referring to the "debit or credit side not being specified" as it relates to the BALANCE(S), consider the following:
(a) At the start of the month, any opening balance is (normally) a debit balance (because this is aka Total Debtors account).
(b) At the end of the month/period any unspecified balance given is a debit closing balance (meaning: the balance c/d goes on the CREDIT side).
(c) Some questions (e.g. Single Entry & Incomplete Records) will require that you identify the Debtors (i.e. Accounts Receivables) balance at the start of the period, and at the end of the period and use those as the balance b/d and balance c/d respectively, for the Sales Ledger Control Account.
(d) If no balance whatever is given, then you "May" have to insert all other known items and determine the closing balance by simply balancing-off the account.
***I hope this helps.
If your question is tied to a particular CSEC past paper question, share the year and I can take a look at it.
This is the same pastpaper i am solving🤣🤣
😊😊
Good video sir! I wish you could do consolidated accounts
Poor audio mate. Cant hear you well
Please do the purchases control account
Can u pls do a VIDEO ON BANK RECONCILLIATION!! PLSSSS
thank you my bruda
Happy to help
Jyada english use kiya he explain kiya ground level par smj nhi aaa sakata