Accounting for IGCSE - Video 19 - Control Accounts (Example)

The entire syllabus for IGCSE will be covered through this video series and students can prepare using these videos for the forth coming examination.
All topics ranging from the basic concepts of accounting to the day books and cash books, bank reconciliation, control accounts, year end adjustments, financial statements of sole traders, partnerships, limited companies and non-profit organisations, correction of errors and interpretation and analysis using accounting ratios will be covered.
If you wish to give any feedback or have any doubts, feel free to get in touch through whatsapp on [phone] or through email.
Regards
Lalit Adnani

[@robloxprisoners6280]

You should get the noble prize for teaching accounting igcse. THANK YOU ALLLLOOOOOT MAN

[@EdexWorld]

Glad you liked the content so much :)

[@Qrt_gamer]

I am a physic with accounts student so I tend to attend physics classes instead of accounts so when I go though the book I didn’t understand much but this video helped a lot😎

[@aaryan9095]

thank you , you are a great teacher

[@ishadheepak]

at 3:49, how does cheque recieved from customers reduce one's account balance? it should be debited right? what rule applies here exactly?

[@EdexWorld]

Look at the journal entry for the transaction: Bank debited and Customer credited. When customers are credited their account balance get reduced because the primary balance in customer's account is debit. Another logical way of looking at it is, if customer owes business $100, and $60 is received, then the new balance will be $40. Because the $60 reduced the balance receivable.

[@muhammadtanveer1932]

wanted to add there are calculations n ur behalf, rest is amazing

[@dkaman7985]

thanks sir really helpful 🔥

[@sabihisbest4974]

Thanks very epic

[@nyssaruparelia]

are bad debts, debts written off and irrecoverable debts the same?

[@mishyanasym]

saved my life

[@mufaronyabereka]

you are awesome

[@ShifaSameerkhanPathan]

please make how did you got the balance b/d of 2970 thank you for teaching this

[@nyssaruparelia]

could you make a video attempting past paper questions?

[@alasanabojang2794]

Thanks for the video sir but why didn't you include dishonoured cheque in the purchase ledger control account as the business cheque to the supplier may be dishonored by the bank

[@EdexWorld]

usually in the igcse syllabus, dishonoured cheque is for a customer only. hence only recorded in the SLCA. yes but there is not such rule. if the business has paid a cheque to someone and that gets dishonoured, it will appear on the credit of PLCA.

[@sherigeorge5874]

thanks alot!

[@akashhirani01]

Aren't the credit sales recorded on the credit side of the sales ledger control account?

[@OmrRare]

No, the meaning of "credit sales" doesn't mean credit side, it means paid in credit, so the amount is yet to be paid. therefore its debit as the business is gonna get money from the sales made. sorry for yapping.

[@matildabanda561]

What do you do if you haven't been given the closing balance for purchases ledger

[@EdexWorld]

You need to find that amount by balancing the control account.

[@emoshinoldamig156]

*dies in help

[@vibhutg1919]

how does cheque or cash received from customers a credit isnt the balance increasing

[@EdexWorld]

the balance decreases when customers pay. for example, if a customer has to pay $1000, and he pays $400, the balance due decreases to $600.

[@SyphnyxMC]

how is the bal c/d 2970?

[@world_knowladge882]

Can you please explain that why this closing credit balance in SLCA is written as debit closing balance

[@EdexWorld]

For any credit balance in a ledger account, balance c/d is always written on the debit side and b/d is written on the credit side. Since 100$ is given as a credit balance, c/d is written on the debit side.

[@sreebhadra787]

Hello sir.. sir cam u say if customer overpayment is credit or debit.. and also the receipt is it credit or debit

[@EdexWorld]

Receipt from customer is credit. But money repaid back to customer due to overpayment by them is on the debit.

[@jessicanorton-hill1545]

On the Sales Ledger Control Account when balancing please can you explain where the 100 c/d and b/d comes from?

[@jessicanorton-hill1545]

Also where does the 50 c/d and b/d come from when totalling the Purchase Ledger Control Account balances? Thanks.

[@EdexWorld]

The question mentions closing credit balance in sales ledger $100. That is the balance c/d at the end.

[@EdexWorld]

Same way in the question, closing debit balance in purchase ledger $50.

[@jessicanorton-hill1545]

@@EdexWorld Thank you that's great. 😊

[@sugomadicc6983]

can u please explain how to record set off's in SLCA and PLCA

[@EdexWorld]

By debiting the PLCA and crediting the SLCA with the amount to be setoff.

[@sugomadicc6983]

@@EdexWorld Thank you so much, sir. Can u also pls explain how to make the control accounts reconciliation statement

[@sugomadicc6983]

THANK YOU

[@ahmednageeb3391]

why is there a credit balance?

[@EdexWorld]

Hi, sorry dint get your doubt clearly. But you can watch the Video 18 in the playlist that explains all concepts around the Control account.

[@driftshorts4211]

Bruh you talk so fast

[@yushaplayz9892]

slow down the video 😒