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Debtor Controll Account

  • 21-12-2009 7:23pm
    #1
    Cookie89
    Registered Users, Registered Users 2 Posts: 109 ✭✭


    PLEASE help me these accounts are needed for the morning and i can't follow the last girls work.

    Op bal on Dr Control account of €92,000
    Sales per VAT Returns €273,000
    VAT on Sales €47,000
    Credit notes issued €6,000
    Cash Receipts (Sales) €271,000
    Invoices issued during year €231,000

    Now unfortunately I don't know what I should be Debiting & crediting but I do know my closing bal is approx €46,000.
    Also should I debit my Sales in the P & L with the Nett Closing Drs

    Also the bal b/f on my VAT Control Account is out by €16,000 can i just DR Vat Acc & Cr P & L B/F


Comments

  • #2
    spongeman
    Closed Accounts Posts: 554 ✭✭✭spongeman


    Cookie89 wrote: »
    PLEASE help me these accounts are needed for the morning and i can't follow the last girls work.

    Op bal on Dr Control account of €92,000
    Sales per VAT Returns €273,000
    VAT on Sales €47,000
    Credit notes issued €6,000
    Cash Receipts (Sales) €271,000
    Invoices issued during year €231,000

    Now unfortunately I don't know what I should be Debiting & crediting but I do know my closing bal is approx €46,000.
    Also should I debit my Sales in the P & L with the Nett Closing Drs

    Also the bal b/f on my VAT Control Account is out by €16,000 can i just DR Vat Acc & Cr P & L B/F

    Mate your control account should look like this



    OPENING BAL 92000

    NETT INVOICES 184000 (231-47) DR DEBTORS CR SALES
    VAT ON INVOICES 47000 DR DEBTORS CR VAT

    NETT CREDIT NOTES CR DEBTORS DR SALES NETT AMOUNT
    VAT CREDIT NOTES CR DEBTORS DR VAT VAT AMOUNT



    RECEIPTS 271000 DR BANK CR DEBTORS CONTROL

    CLOSING BALANCE 46000


    you shouldnt write the 16k off, go back to the start of the year and try to establish the opening balance.


  • #3
    spongeman
    Closed Accounts Posts: 554 ✭✭✭spongeman


    Frank Woods question perhaps ????????!!!!!!!!!!!!!!!!!!!!!!!


  • #4
    Cookie89
    Registered Users, Registered Users 2 Posts: 109 ✭✭Cookie89


    spongeman wrote: »
    Mate your control account should look like this



    OPENING BAL 92000

    NETT INVOICES 184000 (231-47) DR DEBTORS CR SALES
    VAT ON INVOICES 47000 DR DEBTORS CR VAT

    NETT CREDIT NOTES CR DEBTORS DR SALES NETT AMOUNT
    VAT CREDIT NOTES CR DEBTORS DR VAT VAT AMOUNT



    RECEIPTS 271000 DR BANK CR DEBTORS CONTROL

    CLOSING BALANCE 46000


    you shouldnt write the 16k off, go back to the start of the year and try to establish the opening balance.

    Thank you so much now everything is balancing and just in time as well


  • #5
    spongeman
    Closed Accounts Posts: 554 ✭✭✭spongeman


    No problems mate. It can be difficult taking over other peoples work, especially if they are not that good.


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