How to prepare accounts receivable and accounts payable ledger postings?

Banking & FinanceFinance ManagementGrowth & Empowerment

The ledger postings for accounts receivable and accounts payable can be done with the help of the double column cash book entries.

Refer the data given below −

Date
Description
P
R
V
N
Discount
($)
Cash
($)
Date
Description
P
R
V
N
Discount
($)
Cash
($)
Sep 1
balance
 b/d






6000
Sep 5
K & Co A/c
106


15
3600
Sep 3
D &Co
110


12
2500
Sep 7
purchases
126




850
Sep 9
Income (interest)
122




200
Sep 12
Machinery
120




3800
Sep 15
Sales
128




7800
Sep 17
Stationary expenses
105




500
Sep 28
D & Co
110


25
650
Sep 20
Office furniture
107




620
Sep 30
Sales
124




8000
Sep 23
K &Co
106


25
870












Sep 30
salary
109




1800












Sep 28
balance c/d






13110








37
25140








40
25140
Oct 1
By balance b/d






13110












Solution

The solution is as follows −

Accounts payable ledger 

                               K&CO                                                      no.106
DATE
Description
PR
Amount($)
DATE
Description
PR
Amount($)
Sep 5
Cash
42
3600








Sep 5
Discount
42
15








Sep 23
Cash
42
870








Sep 23
Discount
42
25








Accounts receivable ledger

                              D&CO                                                         no. 110
DATE
Description
PR
Amount($)
DATE
Description
PR
Amount($)








Sep 5
Cash
42
2550








Sep 5
Discount
42
12








Sep 23
Cash
42
650








Sep 23
Discount
42
25




raja
Published on 08-Jul-2021 13:44:17
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