UNIT 4 ACCOUNTING CONTROL ACCOUNTS

[helicopterman11]

Hi Guys,

Does anyone have the ledger accounts for stock control, debtors control, gst clearing etc.
I've been looking around as learning what goes in each account really helps with posting to the ledgers

Thanks  :coolsmiley:

[Desline]

Stock Control:
Debit:
Balance (Can't have a negative amount of stock on hand)
Bank (Stock Purchased on Cash)
Creditors Control (Stock Purchased on Credit)
Cost of Sales (Stock Returned by customers)
Stock Gain
Credit:
Cost of Sales (Cost of Sales for Cash Sales)
Cost of Sales (Cost of Sales for Credit Sales)
Creditors Control (Stock Returned to suppliers)
Drawings (Drawings of Stock)
Advertising (Withdrawal of Stock for advertising)
Stock Loss
Stock Writedown
Balance (Balance the account to bring the balance forward to the next period)

Obviously you can't have a stock gain AND a stock loss.

Debtors Control
Debit
Balance (you can't have a negative Debtors Balance as you can't owe your Debtors o-o)
Sales/GST Clearing (Credit Sales)
Credit
Bank/Discount Expense (Receipts from Debtors plus any discounts given)
Sales Return/GST Clearing (Return of stock from customers)
Bad Debts
Balance (Balance the account to bring the balance forward to the next period)

Creditors Control
Debit
Bank/Discount Revenue (Payments to Creditors plus any discount given)
Stock Control/GST Clearing (Return of stock to supplier)
Balance (Balance the account to bring the balance forward to the next period)
Credit
Balance (Your Creditors can't owe you. Unless you're in Soviet Russia)
Stock Control/GST Clearing (Purchases of stock on credit)

GST Clearing (ASSET)
Debit
Balance (I just said it's an asset)
Bank (GST paid on cash)
Creditors Control (GST incurred on credit purchases)
Debtors Control (GST reversed when a customer returns stock)
Credit
Bank (GST Refund)
Bank (GST recieved on Cash Sales)
Debtors Control (GST charged on Credit Sales)
Creditors Control (GST reversed when you return stock to a supplier)

THERE WILL BE A BALANCE AT THE END OF THE MONTH TO BRING THE BALANCE FORWARD TO THE NEXT REPORTING PERIOD, BUT ON WHICH SIDE WILL DEPEND ON IF IT IS AN ASSET OR LIABILITY AT THE END OF THE CURRENT REPORTING PERIOD

GST Clearing (Liability)
Debit
Bank (GST Settlement)
Bank (GST paid on cash)
Creditors Control (GST incurred on credit purchases)
Debtors Control (GST reversed when a customer returns stock)
Credit
Balance (I said it was a Liability)
Bank (GST recieved on Cash Sales)
Debtors Control (GST charged on Credit Sales)
Creditors Control (GST reversed when you return stock to a supplier)

THERE WILL BE A BALANCE AT THE END OF THE MONTH TO BRING THE BALANCE FORWARD TO THE NEXT REPORTING PERIOD, BUT ON WHICH SIDE WILL DEPEND ON IF IT IS AN ASSET OR LIABILITY AT THE END OF THE CURRENT REPORTING PERIOD

This is accurate up to Chapter 15, there will probably be more things added as we get to Sundry Creditors, Prepaid and Accrued Revenues and Budgeting.