Describe Preparation accounts receivable and accounts payable ledger postings

Banking & Finance Finance Management Growth & Empowerment

We can prepare accounts receivable and accounts payable ledger postings by using triple column cash book entries. Refer the data given below −

454 – Discount allowed ledger number (expense account)

480 – Discount received Léger number (revenue account)

Solution

The solution is as follows −

Accounts receivable ledger

M&CO no. 28
Date	Description	PR	Amount($)	Date	Description	PR	Amount($)
				April 5th	Cash	31	1350
				April 5th	Discount allowed	31	18

H&CO no. 18
Date	Description	PR	Amount($)	Date	Description	PR	Amount($)
				April 24	Cash	31	2200
				April 24	Discount allowed	31	16

Accounts payable ledger

S&CO no. 42
Date	Description	PR	Amount($)	Date	Description	PR	Amount($)
April 3	Bank	31	1800
April 3	Discount Received	31	15
April 19	Bank	31	2100
April 19	Discount Received	31	12

XY Inc no. 59
Date	Description	PR	Amount($)	Date	Description	PR	Amount($)
April 25	Bank	31	630
April 25	Discount Received	31	14

Nagasravan Tamma

Updated on 09-Jul-2021 12:32:06

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