On 1 January 2010, the sales ledger balances were Rs 8024 debit and Rs 57 credit and the purchase ledger balances on the same date were Rs 6235 credit and Rs 105 debit.
For the year ended 31 December 2010, the given particulars are available.
On 31 December 2010, there were no credit balance in the sales ledger except those outstanding on 1 January 2010 and no debit balance in the purchase ledger.
You are required to write up the given accounts recording the above transactions and bringing down the balances on 31 December 2010
a) Debtor control account.
b) Creditor Control account.
c) In brief describe the reasons for making control accounts.