Control Account II: Preparation of Control Account

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Preparation of sales ledger control account

Exercise 17.1 on page 176 of Essential Financial Accounting for Senior Secondary School by O.A. Longe& R.A. Kazeem is treated and solved.

ADE & SEGUN ENTERPRISES

The following information were extracted from the books of Ade & Segun Enterprises for the month of July, 1997.

You are required to prepare

Sales Ledger Control Account

Purchases Ledger Control Account

EDALA ENTERPRISES

Sales Ledger Control Account

Purchases Ledger Control Account

Treatment of Cash/Bank Payment and Discount Received

LOLA ENTERPRISES

Debtors Control Account

Creditors Control Account

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Financial Accounting – SS1