Bees Company operates a business from $118$ Belmont Road, Kingston $10,$ Jamaica. The company is a registered taxpayer with TRN# $108-265-846$ and at the end of June $2020$ has the following in transactions:Note: All taxable supplies are all at the standard rate of $15\%$ except for sale of phone cards at the rate of $25\%.$ Assume all transactions are shown inclusive of GCTJun$-01$Purchases of goods for resale $$52,425,000$Jun$-03$Sale of goods $$29,125,000$Jun$-04$Sale of Phone cards $$10,000,000$Jun$-05$Purchases of goods for resale $$29,707,500$Jun$-07$Bad Debts written off $$5,825,000$Jun$-10$Drawings of goods $$5,475,500$Jun$-15$Bad Debts recovered $$4,660,000$Jun$-17$Purchases of goods for resale $$33,785,000$Jun$-23$Sale of goods $$11,650,000$Jun$-25$Sale of goods $$29,125,000$Jun$-27$Goods returned to us $$6,757,000$Jun$-30$Goods returned by us $$4,660,000$

Required:A$.$ Calculate the GCT payable$/$Recoverable by Bees Company for June.

Answer rating: 100% (QA)

GCT PayableRecoverable for Bees Company June 2020 Transactions Purchases Jun01 52425000 Standard Rat... View the full answer