Question

1(c) List four items each which would be recorded on the debit side of:
(i) Purchases Ledger Control Account
(ii) Sales Ledger Control Account

Accepted Answer

(i) Purchases Ledger Control Account (debit side):
- Discount received
- Return outwards
- Cash/bank payments to suppliers
- Credit purchases (only if account has abnormal debit balance) — typically: Discount received, Returns outward, Cash paid to suppliers, Contra entries

(ii) Sales Ledger Control Account (debit side):
- Credit sales
- Dishonoured cheques/bills
- Interest charged on overdue accounts
- Balance b/d (opening debtors)

WAEC Accounting 2022 Theory — Question 3

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