A large company in Australia, called Alex Ltd, supplied $22,000 (GST Inclusive) worth of products to one
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A large company in Australia, called Alex Ltd, supplied $22,000 (GST Inclusive) worth of products to one of its local customers, Beta Pty Ltd, on 1 August 2019. Beta paid this bill in two equal instalments of $11,000 on 10 May 2020 and the second instalment on 15 September 2020. Discuss how each entity should account for GST. Alex Ltd is a GST-registered entity with ATO and accounts for GST on accrual basis, files BAS monthly and remains registered, while Beta is not registered for GST at all in both years. (No law sections or cases are required to be included in your answer, calculation of GST amount if any is required).
Related Book For
Business Statistics
ISBN: 978-0321925831
3rd edition
Authors: Norean Sharpe, Richard Veaux, Paul Velleman
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