Control Accounts & Subsidiary Ledgers

Question 1

General ledger

Answer 1

Contains all ledger accounts. (Aka main/nominal ledger)

Question 2

Sales ledger control account

Receivables account in general ledger

Answer 2

Contains total value of all the invoices and credit notes issued to and cash receipts from customer for given period

Question 3

Purchase ledger control account

Payables account in general ledger

Answer 3

Contains value of all the invoices and credit notes received from and cash payments made to credit suppliers for given period

Question 4

Subsidiary ledger

Answer 4

Details behind the entities in the general ledger.

Not part of double entry (no corresponding debit and credit)

Question 5

Subsidiary sales ledger

Answer 5

(Sales ledger) set of accounts for individual receivables