RECEIVABLE LEDGER AND PAYABLE LEDGER

Question 1

GENERAL LEDGER

Answer 1

BOOK THAT CONTAINS ALL THE ACCOUNTS, EACH PAGE IS AN ACCOUNT

Question 2

RECEIVABLE LEDGER

Answer 2

IT IS A SEPARETE BOOK FROM THE GENERAL LEDGER.
-DON’T INCLUDE DOUBLE ENTRY; THEY ARE SINGLE ENTRIES.
- SINGLE ENTRIES TO RECORD INDIVIDUAL INVOICES, CREDITS NOTES, PAYMENTS RECEIVED…
-IT CONTAINS A T-ACCOUNT FOR EACH CUSTOMER, AND IS USED TO RECORD THE AMOUNT THAT IS RECEIVABLE FROM EACH CUSTOMER.
THEY ARE CALLED SUBSIDIARY LEDGER / MEMORANDUM LEDGERS
- THE NUMBERS POSTED WILL BE THE GROSS AMOUNT
- TOTAL OF THE BALANCES OF ALL CUSTOMERS SHOULD BE EQUAL BALANCE OF RLCA IN THE GENERAL LEDGER.

Question 3

PAYABLE LEDGER

Answer 3

IT IS A SEPARETE BOOK FROM THE GENERAL LEDGER.
-DON’T INCLUDE DOUBLE ENTRY; THEY ARE SINGLE ENTRIES.
-IT CONTAINS A T-ACCOUNT FOR EACH SUPPLIER, AND IS USED TO RECORD THE AMOUNT THAT IS PAYABLE TO EACH SUPPLIER.
THEY ARE CALLED SUBSIDIARY LEDGER / MEMORANDUM LEDGERS
- THE NUMBERS POSTED WILL BE THE GROSS AMOUNT
- TOTAL OF THE BALANCES OF ALL SUPPLIERS SHOULD BE EQUAL BALANCE OF PLCA IN THE GENERAL LEDGER.