For the current income tax year, X Ltd had the following accounts for GST reporting purposes. ( Based on Australia )

Total sales = 198

Cash sales = 121

Credit sales = 77

Cash expense = 55

Expense on credit = 66

Required:

1. What is net gst payable under cash basis ?

2. What is net gst payable under accrual basis ?

Answer rating: 100% (QA)

To calculate the net GST payable we need to first determine the GST collec... View the full answer