12.2 Supplier statements and reconciliation
  Supplier statements
  ●Supplier statements are issued by suppliers to summarize the transactions that have taken place during a given period, and also to show the balance outstanding at the end of the period.
  ●The purchases ledger control account and individual list of payables balances should agree with the total of the supplier statements.
  Reconciliation
  ●Is a working to ensure the entries in the ledger accounts agree with the entries in the control accounts.
  ●The two should have the same closing balance.
  Receivable ledger reconciliation
  ●Compares the total accounts in the receivables ledger with the balance on the receivables ledger control account.
  Payable ledger reconciliation
  ●Compares the total accounts in the payable ledger with the balance on the payable ledger control account.
  Difference may arise due to:
  ●Errors in the receivables or payables ledger
  ●Errors in the receivables or payables ledger control accounts
  ●Errors in both control and ledger account