How To Reconcile Purchases Ledger Control Account
Reconciliation Process Of Purchases Ledger Control Account With Subsidiary Purchases Ledger Accounts In Accounting Purchases Ledger Control Account or Purchases Master Ledger Control Accoun t is reconciled by matching the closing balance with the total of balances of P urchases Subsidiary Ledgers and it is always equal to the total of purchases subledgers accounts. To understand purchases ledger reconciliation process, let us understand an example of XYZ Company which prepared purchases subsidiary ledgers and then prepare purchases general ledger for the accounting cycle. B elow are the Transaction s took place among the company and suppliers, Mr. A, Mr. B and Mr. C. On 1 st August, 2019, Purchases of Rs. 50000 From Mr. A made On Account. On 2 nd August, 2019, Credit Purchase s with Mr. B For Rs. 70000 and On 3 rd August, 2019, Purchases of Rs. 40000 from Mr. C made On Credit. ...