ZIMSEC O Level Principles of Accounts Notes: Purchases Control Accounts Example
- Now that we have examined Purchases Control Accounts in detail
- It is time to look at an example:
You are required to prepare a purchases ledger control account from the following for the month of April. The balance of the account is to be taken as the amount of creditors as on 30 April.
20X5
April 1 Purchases ledger balances $11,241
Totals for April:
- Purchases journal $6,100
- Returns outwards journal $246
- Cheques paid to suppliers $8,300
- Discounts received from suppliers $749
Solution
| Purchases Ledger Control Account | ||||||
| Date | Details | Amount($) | Date | Details | Amount($) | |
| 31 April | Purchases Returns | 246 | 1 April | Balance b/d | 11241 | |
| 31 April | Bank | 9300 | 31 April | Purchases | 6100 | |
| 31 April | Discount Received | 749 | ||||
| 31 April | Balance c/d | 7046 | ||||
17341 | 17341 |
- This is a straight forward question with a simple answer
To access more topics go to the Principles of Accounting Notes.
