|
Items |
GST type |
|
Bad debt written off |
GST |
|
bank fees |
GST |
|
Clearing |
GST |
|
Council rates |
GST |
|
interest on loan |
GST free |
|
Insurance |
GST |
|
Insurance stamp duty |
GST |
|
Legal costs |
GST |
|
Marketing |
GST |
|
Merchant fees |
GST |
|
Office equipment expenses under $1000 per item |
Capital purchase (Taxable) |
|
Motor vehicle (50% private use) |
GST |
|
Rent |
GST |
|
Rent bond |
Non GST |
|
Repairs and maintenance |
GST |
|
Superannuation |
Non GST |
|
Tarvel local |
GST |
|
Unitilities (Gas and electricity) |
GST |
|
Untilities (water) |
Non GST |
|
Wages paid to employees |
GST |
|
Wages amount withheld |
Non GST |
|
Total GST paid |
|
|
Income |
|
|
Sale of computer hardware |
GST |
|
Sale of computer software |
GST |
|
Export sales |
Export |
|
Cancelled sale of computer |
GST |
|
Hardware rom the previous period |
GST |
(a):
|
Jan, 11 |
Feb, 11 |
Marc, 11 |
Total March Q |
GST amount |
|
|
Bad debt written off |
– |
3,450.00 |
– |
3,450.00 |
313.64 |
|
bank fees |
150.00 |
135.00 |
360.00 |
645.00 |
58.64 |
|
Clearing |
867.00 |
867.00 |
867.00 |
2,601.00 |
236.45 |
|
Council rates |
– |
4,351.00 |
– |
4,351.00 |
395.55 |
|
interest on loan |
15,000.00 |
15,000.00 |
15,000.00 |
45,000.00 |
|
|
Insurance |
6,646.00 |
– |
– |
6,646.00 |
604.18 |
|
Insurance stamp duty |
332.00 |
– |
– |
332.00 |
30.18 |
|
Legal costs |
7,500.00 |
7,500.00 |
– |
15,000.00 |
1,363.64 |
|
Marketing |
40,000.00 |
40,000.00 |
10,000.00 |
90,000.00 |
8,181.82 |
|
Merchant fees |
2,135.00 |
3,565.00 |
3,988.00 |
9,688.00 |
880.73 |
|
Office equipment expenses under $1000 per item |
1,097.00 |
1,097.00 |
1,097.00 |
3,291.00 |
299.18 |
|
Motor vehicle (50% private use) |
250.00 |
250.00 |
250.00 |
750.00 |
68.18 |
|
Rent |
14,667.00 |
14,667.00 |
14,667.00 |
44,001.00 |
4,000.09 |
|
Rent bond |
29,333.00 |
– |
– |
29,333.00 |
|
|
Repairs and maintenance |
167.00 |
167.00 |
167.00 |
501.00 |
45.55 |
|
Superannuation |
1,145.00 |
1,145.00 |
1,145.00 |
3,435.00 |
|
|
Tarvel local |
417.00 |
417.00 |
417.00 |
1,251.00 |
113.73 |
|
Unitilities (Gas and electricity) |
617.00 |
617.00 |
617.00 |
1,851.00 |
168.27 |
|
Untilities (water) |
– |
1,100.00 |
– |
1,100.00 |
|
|
Wages paid to employees |
12,717.00 |
12,717.00 |
12,717.00 |
38,151.00 |
3,468.27 |
|
Wages amount withheld |
2,400.00 |
2,520.00 |
2,385.00 |
7,305.00 |
|
|
Total GST paid |
20228.09 |
||||
|
Income |
|||||
|
Sale of computer hardware |
324,010.00 |
443,880.00 |
332,340.00 |
1,100,230.00 |
100,020.91 |
|
Sale of computer software |
15,642.00 |
15,442.00 |
16,548.00 |
47,632.00 |
4,330.18 |
|
Export sales |
25,123.00 |
35,600.00 |
48,000.00 |
108,723.00 |
|
|
Cancelled sale of computer |
|||||
|
Hardware rom the previous period |
(2,750.00) |
(2,750.00) |
(250.00) |
(b):
Motor vehicle is the only private used item and the adjustments is for the 50% of the GST amount as the motor vehicle was used equally for private and official purposes by the CEO. Adjustment if for the amount of $34.09.
(c):
The amount of adjustment in addition to the above is the amount of (250.00) in respect of the hardware rom of the previous period.
(d):
The GST calculation worksheet is attached.
|
Journal Entry |
||
|
Particulars |
Debit |
Credit |
|
a) Profit and loss Account |
83,873.00 |
|
|
To, GST payable |
83,873.00 |
|
|
(Being provision for GST payable is made in the books of accounts) |
||
|
b) |
||
|
Profit and loss account |
2,300.00 |
|
|
To PAYG |
2,300.00 |
|
|
(Being the provision for the withheld of PAYG is made) |
||
|
c) |
||
|
PAYG tax |
50,000.00 |
|
|
Bank |
50,000.00 |
|
|
(Being the PAYG installment paid) |
Gitman, L.J., Juchau, R. and Flanagan, J., 2015. Principles of managerial finance. Pearson Higher Education AU.
Woodward, L. and Tan, L.M., 2015. Small Business Owners’ Attitudes Toward GST Compliance: A Preliminary Study.
Essay Writing Service Features
Our Experience
No matter how complex your assignment is, we can find the right professional for your specific task. Contact Essay is an essay writing company that hires only the smartest minds to help you with your projects. Our expertise allows us to provide students with high-quality academic writing, editing & proofreading services.
Free Features
Free revision policy
$10Free bibliography & reference
$8Free title page
$8Free formatting
$8How Our Essay Writing Service Works
First, you will need to complete an order form. It's not difficult but, in case there is anything you find not to be clear, you may always call us so that we can guide you through it. On the order form, you will need to include some basic information concerning your order: subject, topic, number of pages, etc. We also encourage our clients to upload any relevant information or sources that will help.
Complete the order form
Once we have all the information and instructions that we need, we select the most suitable writer for your assignment. While everything seems to be clear, the writer, who has complete knowledge of the subject, may need clarification from you. It is at that point that you would receive a call or email from us.
Writer’s assignment
As soon as the writer has finished, it will be delivered both to the website and to your email address so that you will not miss it. If your deadline is close at hand, we will place a call to you to make sure that you receive the paper on time.
Completing the order and download