A summary of cash receipts and payments for a GST period is provided below: $360 Stationery...
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A summary of cash receipts and payments for a GST period is provided below: $360 Stationery Expenses Advertising $720 $450 - Bank charges & interest Salaries Sales Purchase of goods for resale Loan from bank Lease on shop Purchase of computer for business use Power & Gas Phone $4,500 $18,000 $9,000 $4,500 $1,800 $3,600 $360 $360 Required: (a) If the appropriate receipt and payment amounts were indicated GST inclusive, what is the amount of GST Receivable from or Payable to the IRD? (b) If the appropriate receipt and payment amounts were indicated GST exclusive, what is the amount of GST Receivable from or Payable to the IRD? A summary of cash receipts and payments for a GST period is provided below: $360 Stationery Expenses Advertising $720 $450 - Bank charges & interest Salaries Sales Purchase of goods for resale Loan from bank Lease on shop Purchase of computer for business use Power & Gas Phone $4,500 $18,000 $9,000 $4,500 $1,800 $3,600 $360 $360 Required: (a) If the appropriate receipt and payment amounts were indicated GST inclusive, what is the amount of GST Receivable from or Payable to the IRD? (b) If the appropriate receipt and payment amounts were indicated GST exclusive, what is the amount of GST Receivable from or Payable to the IRD?
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a To calculate the GST payable or receivable we need to determine the GST paid on expenses and the G... View the full answer
Related Book For
Financial Accounting Tools for Business Decision Making
ISBN: 978-1119368458
7th Canadian edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso, Barbara Trenholm, Wayne Irvine
Posted Date:
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