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1. Debtors Control Account
The debtors control account reflects the total amount owed by all the individual debtors. The balance of the debtor’s control account must equal the total of the debtors’ list, which represents the amounts owed by the individual debtors obtained from the individual balances in the various subsidiary ledger accounts for each debtor. This subsidiary ledger is known as the debtors' ledger.
In the debtors' ledger, the transaction details and additional information regarding each debtor such as their personal and contact information, credit limit, terms, etc. may be stored. This debtors' ledger is also a register of each and every transaction that you and a specific debtor entered into.
2. Creditors Control Account
The creditors control account reflects the total amount owed to all the individual creditors. The balance of the creditor’s control account must equal the total of the creditors list, which represents the amounts owed by the individual creditors obtained from the individual balances in the various subsidiary ledger accounts for each creditor. This subsidiary ledger is known as the creditors' ledger.
In the creditors' ledger, the transaction details and additional information regarding each creditor such as their personal and contact information, credit limit, terms, etc. may be stored. This creditors' ledger is also a register of each and every transaction that you and a specific creditor entered into.
Debtor' control account and creditors' control account are General Ledger Accounts of total of booking of debtors and creditors and collections and payments respectively of debtors and creditors.
Inividual Debtors and Creditors are accounted with elaborate details in the respective subsidiary ledgers.Sum of Debtors and creditors as per the subsidiary ledger will tally with the respective control account. These control accounts in the GL will have control over the respective subsidiary Ledger.
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