Doctor Accounting : Chapter 15 in Collaboration with SAA Global Education
Coming back to Control Account. Do you know what is Payable Control Account?
Watch Dr Accounting chapter 15 to learn more about the world of Accounting with us!
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Welcome to Doctor Accounting chapter fifteen.
In this series, I would like to share with you about the Payable Control Account.
So look at the screen, the T-form. On the Debit side, you’ll see Return Outwards. This return outwards is the returns back to the supplier. Now Contra Account, can you remember in my previous series that I have shared with you? Do you know the Double Entry? Yes, you’re right! It is Debit the payable control account and Credit the receivable control account. Now, when you pay cash to the supplier, it will appear on the Debit side.
Okay now, let me move on to the Credit side. If the balance from the previous month, it will appear on the credit side.
Okay now, when you do any purchase, remember this should be Credit Purchase. It will appear on the credit side of the payable control account. I hope that you find this series useful. In my next series, i’m going to share with you on Accrued and Pre-payment. Stay tuned!