Def - Control Account - Fishermen Loans

The Fishermen Loan control account stores summary balances of open (unpaid) Fishermen Loans. When Fishermen Loan transactions are posted, the Fishermen Loan's control account is either debited or credited, based on the transaction type, and the details are written to the fisherman Loan sub-ledger. When a payment that was either made or received from a fisherman loan is posted, the fisherman loan balance is updated and the details in the fisherman loan sub-ledger are updated.