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1 markControl Accounts

CSEC Principles of Accounts · May/June 2014 · Paper 2 · Question 2(a)

JT Enterprises prepares monthly Control Accounts for credit purchases and sales. Information for April 2014 includes Accounts Payable and Accounts Receivable balances and transactions, as well as contra settlement with Escrow Ltd (Purchases Ledger 1 050, Sales Ledger 375).

State ONE reason why Control Accounts would be useful to JT Enterprises.

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Other parts of this question

  1. 2(b)(i)Prepare the Purchases Ledger (Accounts Payable) Control Account for JT Enterprises.[8 marks]
  2. 2(b)(ii)Prepare the Sales Ledger (Accounts Receivable) Control Account for JT Enterprises.[11 marks]

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