The following are the cash book and bank statement of DRS Enterprise for the month of December 2020: [Berikut adalah buku tunai dan penyata bank DRS Enterprise bagi bulan Disember 2020.] Cash Book (Bank Account only) 2020 RM 2020 RM Dec 1 Balance b/d 460 Dec 4 Cheque no. 40010 Ruby 6 Cheque no. 40011 Zain 8 Cheque no. 40012 Harris 10 Cheque no. 40013 Wong 15 Cheque no. 40014 Daud 21 Cheque no. 40015 Lim 2,000 3 Cash 8 Lim 2,600 1,700 1,600 680 14 Mat 1,816 760 18 Jay and Kay 900 1,600 24 Bidin 1,120 2,300 31 Balance c/d 544 9,040 9,040 Jan 1 Balance b/d 544 Bank Statement Date Cheque Transaction Debit Credit Balance No. Code Dec 1 Balance b/f 460 Credit 3 CH 2,600 3,860 Credit 6 SO 1,060 2,800 Credit 8 40010 2,000 800 Credit CQ 1,600 2,400 Credit 11 40013 760 1,640 Credit 12 40011 1,700 60 Debit 14 CT 2,400 2,340 Credit 18 1,900 4,240 Credit 19 1,805 6,045 Credit 20 so 2,700 3,345 Credit 23 CB 8 3,337 Credit 27 40016 1,200 2,137 Credit 29 40015 2,300 163 Debit 31 ВС 68 1,031 Debit
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.
![The following are the cash book and bank statement of DRS Enterprise for the month of
December 2020:
[Berikut adalah buku tunai dan penyata bank DRS Enterprise bagi bulan Disember 2020.]
Cash Book (Bank Account only)
2020
RM
2020
RM
Dec 1 Balance b/d
460 Dec 4 Cheque no. 40010 Ruby
6 Cheque no. 40011 Zain
8 Cheque no. 40012 Harris
10 Cheque no. 40013 Wong
15 Cheque no. 40014 Daud
21 Cheque no. 40015 Lim
2,000
3 Cash
2,600
1,700
8 Lim
1,600
680
14 Mat
1,816
760
18 Jay and Kay
900
1,600
24 Bidin
1,120
2,300
31 Balance c/d
544
9,040
9,040
Jan 1
Balance b/d
544
Bank Statement
Date
Cheque
Transaction
Debit
Credit
Balance
No.
Code
Dec 1 Balance b/f
460 Credit
3
CH
2,600
3,860 Credit
SO
1,060
2,800 Credit
8
40010
2,000
800 Credit
9
CQ
1,600
2,400 Credit
11
40013
760
1,640 Credit
12
40011
1,700
60 Debit
14
CT
2,400
2,340 Credit
18
CT
1,900
4,240 Credit
19
CQ
1,805
6,045 Credit
20
SO
2,700
3,345 Credit
23
CB
8
3,337 Credit
27
40016
1,200
2,137 Credit
29
40015
2,300
163 Debit
31
ВС
68
1,031 Debit](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F67e947fe-63ad-4e33-b448-1085fcecd38e%2F2b4e4297-55a9-4b48-8243-4fa78b9d21fb%2Fvrw507q_processed.jpeg&w=3840&q=75)
![Transaction Codes
CB Chequebook
BC Bank Charge
CH
Cash
SO
Standing Order
Credit Transfer
CQ Cheque
СТ
Required:
[Dikehendaki:]
a) Prepare the updated cashbook.
[Sediakan buku tunai dikemaskini.]
b) Prepare the bank reconciliation statement as at 31 December 2020.
[Sediakan penyata penyesuaian bank pada 31 Disember 2020.]](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F67e947fe-63ad-4e33-b448-1085fcecd38e%2F2b4e4297-55a9-4b48-8243-4fa78b9d21fb%2Fyugr3u_processed.jpeg&w=3840&q=75)
Step by step
Solved in 3 steps with 4 images
