Accounting for IGCSE & O level - Accounting Procedures (Section 18 - No. 3)
What is the significance of the balance on the sales ledger control account?
It should always equal the total of purchases for the period.
It should always equal the total of cash received during the period.
It should always equal the sum of the balances on the individual trade receivable accounts in the sales ledger.
It has no specific significance; it is merely a summary of transactions.
Explanation
The balance on the sales ledger control account should equal the sum of balances on individual trade receivable accounts in the sales ledger.
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