A subsidiary ledger is a group of similar accounts whose combined balances equal the balance in a specific general ledger account. The general ledger account that summarizes a subsidiary ledger's...
A control account is an account found in the general ledger such as accounts receivable,accounts payable,inventory etc. The accounts are a summation of entries made in the subsidiary ledgers and are...
This is important as this is part of the ledger which shows what is owing or owed at any given point in time. For example Debtors; all receipts from Debtors are posted into the subsidiary ledger...