This data is to be used to complete the following activities.

Remember, all activities carried out must be performed to the current professional conduct requirements for preparing BAS and being in accordance with all accounting principles and practices, and policies and procedures.

Task 1

a) Identify, interpret, apply and record GST principles by completing the GST Calculation Worksheet.

b) Complete the Business Activity Statement for the RMIT Bookstore.

c) Reconcile figures on the completed BAS/IAS form by recording the Journal entries showing all GST accounts in the Debit and Credit accounts.

d) Assess the cash flow of the RMIT Bookstore and its ability to have sufficient funds to meet statutory requirements.

Sales

Sales (Inc GST) in Australia $ 195,812

Exports $ 52,300

Interest Received $1,200

Purchases

Capital Purchases (Inc GST) $ 23,290[ BAS Preparation ]

RMIT Classification: Trusted

Non-Capital Purchases (Inc GST) $ 100,232

Staff Supplies for kitchen $3,500

Rent paid for the office (Inc GST) $12,600

Insurance Paid (incl GST) $340

Cash Payments Book

Wages (Net) $ 58,500

PAYG withheld from wages $ 9,800

The commissioner's rate for PAYGI is 2.1%

Answer rating: 100% (QA)

Task 1 a Identify interpret apply and record GST principles by completing the GST Calculation Worksh... View the full answer