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 Form to Allow an a BPS Scheme Applicant DAFM Auth 2 2020-2025

Auth 5 2020-2025 Form

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[Music] Welcome to our video on managing Financial records through debtors and creditors control accounts these accounts are crucial for tracking transactions related to accounts payable and receivable ensuring efficient cash flow management within a company let's explore the debtor's control account it starts with an opening balance representing the total amount owed by customers throughout the period credit sales payments received sales returns and discounts allowed are recorded to calculate the closing balance for example if the opening balance is R50 0000 and credit sales are r100 000000 with payments received at r70 0000 sales returns at R5 0000 and discounts allowed at R2 0000 the closing balance would be r73 00 now now let's look at the creditor's control account it begins with an opening balance indicating the total amount owed to suppliers credit purchases payments made purchase returns and discounts received are tracked to determine the closing

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