MGT101 Idea Solution Fall 2012 by vufellows

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									Question No.01
Debtors control account definition
It reflects the total amount owed by the all the individual debtors. The
balance of the debtors control account must equal the total of the
debtors list, which represents the amounts owed by the individual
debtors obtained from the individual balances in the various subsidiary
ledger accounts for each debtor. This subsidiary ledger is known as the
debtor’s ledger.



Debtors Control Account



Balance b/d               xx      Cash/Bank       xx


Sales                     xx      Discount Allowed xx


Bank (Reverse Cheque) xx          Return Inward   xx


Discount (cancelled)      xx      Bad Debts       xx


Other Charge by Debtor xx         Contra          xx


                                  Balance b/f     xx



                          total                   total



For Example





    Question No.02
    Bank Reconciliation Statement
    It is a process that explains the difference between the bank balance
    shown in an organization's bank statement, as supplied by the bank, and
    the corresponding amount shown in the organization's own accounting
    records at a particular point in time.
    Following is the same question and solution according Question 2 of this
    assignment


								
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