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FAC 1502-S1-2016
UNISA
CREDITORS CONTROL ACCOUNT
[STUDY UNIT 13]
STARTING LINE-UP
Intro
Creditors Control
General Ledger
Golden Rules
Revision Exercises
Check-list
Motivational Quotes
2016-03-27
INTRO
Dear Honourable Members
We are rolling
Go through the notes on Study Unit 13 and dont forget to attempt the
previous exam question papers to assess yourself if you have understood the
golden rules and principles.
NB: My advise is that do as many question papers and revision exercises as
possible and make sure you compare your written answer to the solution
Practice Makes it Permanent
Always remember, there is no better time to pass FAC1502 than this semester.
The ball is in your court!!!
Creditors
Creditor occurred from purchase of goods and services on credit.
When creditor is paid within a specific period according to an
agreement, the business may get a discount on outstanding account.
Settlement discount received is deducted in determining the cost of
purchases.
Credit purchase transactions are recorded in the purchases journal,
the creditors ledger and creditors control account.
Liabilities (e.g Creditors) increases on the credit (Cr) side and
decrease on the debit (Dr) side of the account.
Current liabilities are debts that have to be settled in the short term
usually within a year, e.g Creditors.
Creditor control account in the general ledger represents all
individual creditors in the creditors ledger.
PLEASE NOTE THAT FOR MORE INFORMATION GO TO STUDY GUIDE - STUDY
UNIT 13 (CURRENT LIABILITIES) FROM PAGE 263
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CPJ
xxx
Balance
b/d
xxx
xxx
Purchases
PJ
xxx
Journal debits
GJ
xxx
Interest expense
GJ
xxx
Balance
c/d
xxx
Journal credits
GJ
xxx
xxx
xxx
Balance
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b/d
xxx
MUST DO EXERCISES
Previous Question Papers
Question 2 : Oct-Nov 2013
Question 5 : May-June 2014
Question 1 : Oct-Nov 2015
Tutorial Letter 102
Question 4 (Tutorial 101- Page 10)
Study Guide Revision Exercises
Exercise 13.3 - Page 268-269
Revision Exercise 3 - Page 272-273
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CHECK-LIST
NO.
TOPIC
STATUS
1.
STUDY UNIT 1 -5
DONE
2.
DONE
3.
STUDY UNIT 8
DONE
4.
STUDY UNIT 9
DONE
5.
STUDY UNIT 13
DONE
6.
ASSIGNMENT NO.1
DONE
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TICKBOX
10
MOTIVATIONAL QUOTES
Set your goals high, and don't stop till you get there. Bo Jackson
What you do today can improve all your tomorrows. Ralph Marston
2016-03-2B
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GO FOR GOLD!!!
THANK YOU!!!
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