Payables and VAT control accounts
The purchases ledger control account and the VAT control account: what goes into each one, and how to prove the balance is right.
See the first roomWhat goes in the purchases ledger control account
Rooms in this module
How this works
Each room answers one problem. A task is a few lines of reading, then questions you answer in the books: post to an account, type a figure, sort, match or write a journal. Every answer is marked at once, with the rule behind it. There are no videos.
Words in this module
- Control account
- A control account holds one total in the general ledger, such as the amount owed by all the credit customers together.
- Purchases ledger
- The purchases ledger holds one account for each credit supplier. It shows who the business owes money to, and how much.
- Trade payables
- Trade payables is the money a business owes its suppliers for goods bought on credit. It is a liability.
Questions
How many rooms and questions are in Payables and VAT control accounts?
5 rooms and 46 questions. Every question is marked at once.
How long does it take?
About 50 minutes in all. A room takes 9 to 11 minutes, so you can do one at a time.
Is it free?
No. These rooms need Premium. Each room shows the start of its first task before you pay.
What should I do first?
Errors and the suspense account. It is the module before this one in Journals, errors and control accounts.