Dec. 1 Sold merchandise to Gemilang Sdn Bhd on account RM 15,000 term 1/10,n/30. The cost of the merchandise sold was RM 10,000 2 Purchase merchandise for cash RM 5 500 from QQ Company 3. Purchase merchandise on account from QU Company RM 10,000, term 2/10,n/30 4 Received collection in full, less discount from customer billed on December 1 5 Sold merchandise by cash Rm 6,600 to Honest Sdn Bhd. The merchandise sold had a cost of RM 5,500 6 Sold merchandise by cash Rm 2000 to Beez Sdn Bhd. The merchandise sold had a cost of RM 1,000 7 Paid cash due to QU Company due transaction in 3 December 8 Rent a lorry for deliver merchandise RM 3,000 on account 9 Purchase merchandise on account from BO Company RM 8,000, terms 2/10,n/30 10 Sold merchandise to Genuine Sdn Bhd, on account RM 7,500, term 1/10,n/30. The cost of the merchandise sold was RM 6,500 11 Sold merchandise to Sejahtera Sdn Bhd on account RM 4,500, term 1/10,n/30. The cost of merchandise sold was RM 3 500 12 Received cash from Genuine Sdn Bhd for transaction on 10 December, less discount 13 Sold merchandise by cash RM 3,000 to Truly Sdn Bhd. The merchandise sold had a cost of RM 2,000 14 Received cash from Sejahtera Sdn Bhd billed on 11 December. 15 Sold merchandise for cash Rm 5,700 to Groot Company. The cost of merchandise sold was RM 4,800 16 Purchase supplies by cash RM 4,000 17 Purchase merchandise by cash RM 4,200 from CC Company 18 Paid cash to BO Company for transaction on 9 December 21 Sold merchandise to Halim Sdn Bhd on account RM 10,000 term 1/10,n/30. The cost of merchandise sold was RM 8,500 22 Purchase merchandise on account from HM Company RM 4,000 term 2/10,n/30 23 Purchase merchandise by cash RM 3,000 from YY Company. 24 Paid cash to HM Company for transaction on 22 December 25 Purchase merchandise on account from KQ Company RM 6,000, term 2/10,n/30 26 Sold merchandise to Cemerlang Sdn Bhd on account RM 5,000, term 1/10,n/30. The cost of merchandise sold was RM 4,800 27 Paid salaries and wages RM 2,400 28 Received cash from Halim Sdn Bhd. 29 Paid cash to KQ company, less discount. 30 Received cash from Cemerlang Sdn Bhd. 31 Paid utilities bills RM 2,800
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.
Prepare financial statements using the adjusted
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