Management of Seafour Enterprise wants to know its GCT payable or recoverable for the year ended December 31, 2019. Therefore the following data were presented by management for the relevant period:

 

Purchases at invoiced amounts	$115,000,000
GCT Payable brought forward	$20,000,000
Sales exclusive of GCT	$300,000,000
Bad debt written off at invoiced amount	$23,000,000
Credit notes to customers inclusive of GCT	$17,250,000
GCT on debit notes from suppliers	$2,000,000
GCT on bad debts recovered	$3,000,000
GCT on goods taken by the owner at market value	$5,000,000
GCT on serviced provided	$2,500,000
GCT on imported goods	$25,000,000

 

GCT Rate = 15%

 

Required:

 

1) Determine the GCT payable or recoverable at the end of the period?

Answer rating: 100% (QA)

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