Day: January 20, 2022

Introduction Control accounts are so called because they control a section of the ledgers. By control we mean that the total on the control accounts should be the same as the totals on the ledger accounts. There are two main Read More …

The ledger is simply the accounts. The Ledger is classified into 3 main classes. 1. Sales Ledger, which has the accounts of all the debtors. 2. Purchases Ledger, which has the accounts of all the creditors. 3. The General Ledger. Read More …

It records information from other correspondence (information that is not recorded in the above books of prime entry). It explains the type of entries that will be made in the ledger accounts giving a reason for these entries. The type Read More …

Petty Cash Book is a record of all the petty cash vouchers raised and kept by the cashier. The petty cash vouchers will show summary expenses paid by the cashier and this information is listed and classified in the petty Read More …

A cashbook records all the receipts (cash and cheques from customers and debtors or other sources of income) and all the payments (to creditors or suppliers and other expenses) for a particular financial period. The cashbook will also show us Read More …

Definition and Purpose A book of original entry is a book of record in which transactions are recorded as they occur on a daily basis and in a chronological order, before they are posted to the relevant accounts in the Read More …