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• Master total account
• Verify the accuracy of entries made in the sales ledger
and the purchases ledger.
• Not part of the double entry system.
• Sales ledger control account
• Balance b/d
• Sales journal
• Returned cheques
• Balance b/d
• Bank
• Discounts allowed
• Sales returns journal
• Contras
• Irrecoverable debts written off
• Balance c/d
• Balance b/d
• Purchases journal
• Cancelled cheques
• Bank
• Discounts received
• Purchases returns journal
• Contras
• Balance c/d
• Errors
• Benefits
• limitations

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Verification ledger control accounts

  • 1.
  • 2. • Master total account • Verify the accuracy of entries made in the sales ledger and the purchases ledger. • Not part of the double entry system.
  • 3. • Sales ledger control account • Balance b/d • Sales journal • Returned cheques • Balance b/d • Bank • Discounts allowed • Sales returns journal
  • 4. • Contras • Irrecoverable debts written off • Balance c/d
  • 5. • Balance b/d • Purchases journal • Cancelled cheques • Bank • Discounts received • Purchases returns journal • Contras • Balance c/d