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Sales ledger control Account is known to have a debit balance. Explain, using numerical example why at certain instances the account has both debit and credit balance brought down?                                                                                                                                      Construct a Purchase Ledger Control Account, using your own numerical example, with five items?                                                                                                                                                                                                                  Briefly discuss the role of the control accounts in the identification of missing figures in the financial statements of organizations ?

Sales ledger control Account is known to have a debit balance. Explain, using numerical example why at certain instances the account has both debit and credit balance brought down?                                                                                                                                      Construct a Purchase Ledger Control Account, using your own numerical example, with five items?                                                                                                                                                                                                                  Briefly discuss the role of the control accounts in the identification of missing figures in the financial statements of organizations ?

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Sales ledger control Account is known to have a debit balance. Explain, using numerical example why at certain instances the account has both debit and credit balance brought down?

                                                                                                                                    

Construct a Purchase Ledger Control Account, using your own numerical example, with five items?                                                                                                   

                                                                                                             

Briefly discuss the role of the control accounts in the identification of missing figures in the financial statements of organizations ?   

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