Accounts Payable Subsidiary Ledger
Previously, we studied about “ Accounts Receivable Subsidiary Ledger or Subledger , but here we are interested in another topic that is Accounts Payable Subsidiary Ledger or Subledger in Accounting. You may also be Interested in “ What is Accounts Payable ” Accounts Payable Subsidiary Ledger is the individual account of all of our suppliers or banks or financial institutions from whom the company purchased goods or services on Credit Basis. A separate account is maintained for every supplier of the company and all the balances of all these Subsidiary Ledgers are totaled and transferred to Main Account or Control Account of Accounts Payable. Then the Final Balance of Accounts Payable Control is transferred to Balance Sheet in the Current Accounting Period or Accounting Cycle. For the understanding this Subledger of Accounts Payable / Creditor, Let say that the company has three suppliers Mr. A, Mr. B And Mr. C. From Mr. A, the compan...