Involves comparing the balance of receivable/payable control account to the sum of the balances as per list of receivable/payable ledger.

Steps to reconcile control accounts balances with the list of ledger balances

Step – 1

Adjust errors of control a/c in Receivable/Payable Control Account by recording debits or credits.

Step – 2

Adjust errors of receivable/payable ledger in the list of receivable/payable ledger balances by adding & deducting.

After above adjustments receivable/payable control account balance must reconcile with the sum of list of receivable/payable ledger balances.

Control Accounts Reconciled

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