GST Treatment, Journal Entries And Worksheet

Items

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GST type

Bad debt written off

GST

bank fees

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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.

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