|
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.
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