Ledgers

[elaine]

Ok. I'm a bit confused.

So Control Accounts include Creditors Control, Debtors Control etc
Subsidiary Ledgers are stuff like Creditors Ledger

What 'type' of accounts are the Creditors and Debtors Schedule? Are they Control Accounts too? Gah.

Oh and have people lost marks for not double-underlining certain balances in SACs and putting the footing in the wrong column and stuff like that? It seems a bit pendantic to me, but is that how they mark in the exam?

Thanks

[jamesdrv]

Creditors/Debtors schedules aren't ledger accounts, they're just tables that show the amounts owing/owed and the total (some will show how "old" the debt is, but I don't rememeber this being part of VCE accounting). I can't rememeber ever being assessed on them.

I might be remembering incorrectly, but the exam has the lines all marked out for you. You should put the footing figure in the right column, though.

[costargh]

From memory, I was under the impression that Creditor and Debtor schedules were 'summary' accounts; they summarise individual subsidiary ledgers to give you a total figure for Creditors and Debtors.

Eg. Debtors schedule
Mr X     $4000
Mrs Y    $5000
Ms Z     $9000
Total debtors = $18,000

Note: The total for the Debtors/Creditors schedule should equal the Debtors/Creditors Control amount.
(Eg. the $18,000 for the debtors schedule should be the same as the debtors control balance)

Edit
I am not sure if my use of the word 'summary' account is correct so to simply answer your question, the D/C schedule is neither a control account in the General Ledger or a subsidiary account.

[AppleXY]

a debtors and creditors schedule tells all the debtors and creditors a business possesses.  Separate debtors and creditors are listed in the subsidiary ledger.  The total of the schedule should equal, as costa said, the control accounts.

As costa said again, these schedules are not ledger accounts. It's just a summary.