That's a good question! Remember, we are looking at the RECEIVABLES T-Account, not the SALES. When we book credit sales, its DEBIT receivables, CREDIT sales, as you know. But in the receivables account, you label the transaction with the corresponding account, that's why the label on the debit side is SALES. I hope that makes sense, it sure is tricky!
Sir i have always one question in my mind ...in cashbook receipt side we record all the cash transactions not only cash receipt from credit customers ....how this is possible to directly post closing balance of cashbook in receiveables control account
Please explain why of sales day book have credit balance 30 is recorded in control account as Dr (where journals should be dr day sales book 30 cr control account 30 to move it to another book) where is double entry rule I don't get it
Hi there, the transaction for recording credit sales is DR Receivables, CR sales; it's the Receivables Control account that has the debit balance. I am not showing a Sales T account in the video. Make sense?
Hello there sir, great video btw, however is it possible to get to know what happens to bad debts, contras, dishonoured cheques, etc in control account?
Great video. Bonus points for saying "Linda" like Dr Evil every time
Glad you like it :)
Thank you, helped me a lot for my audit exam for ACCA
Glad it helped!
Finally I could understand it, I was so confused before this
Great :)
Thank you. This is quite helpful to me! I wish I could’ve watched it before sitting an exam last month though.
Glad it was helpful!
Now I've got the clear picture of what control account really means.
Glad it helped :)
Thank God I watched this you helped me I know want to try an exercise then confront my exam
Glad you found it helpful--good luck on your exam!
Thank you so much!! this was so easy to understand :)
Glad it was helpful!
thank you for this very helpful. I passed my exam yesterday partly because of this.
Glad it helped!
Thank you very much. Very helpful for FA exam
Most welcome!
I love how he tries to make it look as easy as possible. Thanks mahn
By the way, Sam's handsome 🙈
Glad it helped:)
Tq sir...this help me so much for my exam
Glad to hear that :) good luck!
Thanks sir for the wonderful explanation I appreciated you a lot
You are most welcome
Great video, really clear and concise
Glad it helped
Thank you so much. I am your new subscriber now 😍😀
Amazing. Thanks :)
I like it too, well explained Mr Sir
Glad to hear that
Why are the sales on the debit side and the cash on the credit?
That's a good question! Remember, we are looking at the RECEIVABLES T-Account, not the SALES. When we book credit sales, its DEBIT receivables, CREDIT sales, as you know. But in the receivables account, you label the transaction with the corresponding account, that's why the label on the debit side is SALES. I hope that makes sense, it sure is tricky!
Thank you so much. It really helped me to get the point!
Glad it helped!
Thank you so much ! This helped me a lot 🙂
Glad it helped!
Sir i have always one question in my mind ...in cashbook receipt side we record all the cash transactions not only cash receipt from credit customers ....how this is possible to directly post closing balance of cashbook in receiveables control account
Hi--my example is super simplified--it would not be total of cash book, just cash received from customers.
@@SteveWillisACCA thanks sir....❤️
Thanks sir I love the way you explain and its very helpful
It's my pleasure
This is nice it's has really opened my mind
Glad it helped--this really is a difficult topic to understand from the textbooks.
Please explain why of sales day book have credit balance 30 is recorded in control account as Dr (where journals should be dr day sales book 30 cr control account 30 to move it to another book) where is double entry rule I don't get it
Hi there, the transaction for recording credit sales is DR Receivables, CR sales; it's the Receivables Control account that has the debit balance. I am not showing a Sales T account in the video. Make sense?
Thank you so much for this video Steve! Your videos helped me pass my last exam, could you do more videos for the ACCA FA exam?
That's the plan!
Good Conceptual Video, thankyou 😊
Most welcome 😊
@@SteveWillisACCA ☺️
Hello there sir, great video btw, however is it possible to get to know what happens to bad debts, contras, dishonoured cheques, etc in control account?
This video is just for the basic concepts--I will make a follow on video these days.
Thanks a lot for the helpful video.
Glad it was helpful!
very helpful, thank you!
You're welcome!
Hi Steve , how is Indian CMA course as compare to ACCA, please Assist
I'm the wrong guy to ask, I don't know about Indian CMA
This helped a lot , thankyou so much !!!
Excellent! glad to hear.
List of balances, why does Y have no 1% discount just like the other two X and T?
Y didn't pay their balance in full so they didn't receive the discount
Good Evening, I am enrolled in Introduction to Financial Accounting an undergraduate course . Do you offer tutoring services?
Hi, I'm sorry, I don't do private tutoring.
Thank you sir.
Happy to help, Arnab. This is a difficult topic that baffled me when I did my exams.
Thank you so much
You're most welcome
👍
Thanks!
very helpful. thank you!
Glad it was helpful!
thank you so much
You are most welcome