2. Aminah opened a business on 1 January 2020. She brought in cash RM 120,000 and equipment valued at RM85,000 into a business. You are required to record the following transactions in tabular analysis format: January 2020 Particulars 3 Deposited RM55,000 of the cash into the bank account 5 Bought motorcycle worth RM9,000 on credit from Bobby Motor Sdn Bhd 6 Purchased goods on credit from Freshy Mart worth RM14,000 8 Sold goods by cash to Fafau Catering Enterprise worth RM16,500 10 Bought cttlery equipment worth RM3,200 by cash 12 Bought goods on credit from Freshy Mart worth RM7,700 16 Paid electricity bill by cheque amounting RM900 18 Customer pay and received cash worth RM3,600 21 Sold goods on credit to HanaHani Enterprise worth RM9,400 25 Settled all amount due to Freshy mart by cheque payment 28 Sold goods on credit to Hafifah Mart worth RM12,300 30 Received cheque from Hanahani Enterprise in settlement of all amount due 31 Paid by cheque worth RM9,000to Bobby Motors and paid salaries by cash worth RM17,000
The Effect Of Prepaid Taxes On Assets And Liabilities
Many businesses estimate tax liability and make payments throughout the year (often quarterly). When a company overestimates its tax liability, this results in the business paying a prepaid tax. Prepaid taxes will be reversed within one year but can result in prepaid assets and liabilities.
Final Accounts
Financial accounting is one of the branches of accounting in which the transactions arising in the business over a particular period are recorded.
Ledger Posting
A ledger is an account that provides information on all the transactions that have taken place during a particular period. It is also known as General Ledger. For example, your bank account statement is a general ledger that gives information about the amount paid/debited or received/ credited from your bank account over some time.
Trial Balance and Final Accounts
In accounting we start with recording transaction with journal entries then we make separate ledger account for each type of transaction. It is very necessary to check and verify that the transaction transferred to ledgers from the journal are accurately recorded or not. Trial balance helps in this. Trial balance helps to check the accuracy of posting the ledger accounts. It helps the accountant to assist in preparing final accounts. It also helps the accountant to check whether all the debits and credits of items are recorded and posted accurately. Like in a balance sheet debit and credit side should be equal, similarly in trial balance debit balance and credit balance should tally.
Adjustment Entries
At the end of every accounting period Adjustment Entries are made in order to adjust the accounts precisely replicate the expenses and revenue of the current period. It is also known as end of period adjustment. It can also be referred as financial reporting that corrects the errors made previously in the accounting period. The basic characteristics of every adjustment entry is that it affects at least one real account and one nominal account.
2. Aminah opened a business on 1 January 2020. She brought in cash RM 120,000
and equipment valued at RM85,000 into a business. You are required to record the
following transactions in tabular analysis format:
January
2020
Particulars
3 Deposited RM55,000 of the cash into the bank account
5 Bought motorcycle worth RM9,000 on credit from Bobby Motor Sdn Bhd
6 Purchased goods on credit from Freshy Mart worth RM14,000
8 Sold goods by cash to Fafau Catering Enterprise worth RM16,500
10 Bought cttlery equipment worth RM3,200 by cash
12 Bought goods on credit from Freshy Mart worth RM7,700
16 Paid electricity bill by cheque amounting RM900
18 Customer pay and received cash worth RM3,600
21 Sold goods on credit to HanaHani Enterprise worth RM9,400
25 Settled all amount due to Freshy mart by cheque payment
28 Sold goods on credit to Hafifah Mart worth RM12,300
30 Received cheque from Hanahani Enterprise in settlement of all amount
due
31 Paid by cheque worth RM9,000to Bobby Motors and paid salaries by
cash worth RM17,000
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