Oct 2 Bought goods from Siti Enterprise on credit for RM480 6 Sold goods an credit to Kiki Enterprise for RM215 9 Retumed good to Sit Enferprise that had cost RM62 32 Bought goods from Hasif Enterprise on credit for RM390 15 Kiki Enterprise returned goods which she had bought on 6 Oct for RM45 18 Returned goods to Hasif Enterprise that has cost RM65 20 Received cheque for RM80 from Kiki Enterprise in part payment 21 Sold goods to Mimi Enterprise on credit for RM535 23 Sent cheque for RM418 to Siti Enterprise 26 Mimi Enterprise returned goods that she had bought on 21 Oct for RM90 27 Sold goods to Kiki Enterprise on credit for RM3/ 29 Received cheque for RM70 from Mimi Enterprise Required: a. C Prepare the trial balance as at 30 October 2020
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.
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