31 December 2022 - calculate the fuel tax credits to be claimed

Chart of accounts is below to know what accounts to debit and credit for question 2. Please include narration in manual journal.

1. Calculate the amount of fuel tax credits that can be claimed for the use of the diesel on the farm - 850 litres were purchased in the month of December. For this example, use the fuel tax credit rate for off road diesel of 46.0 cents.

2. Enter a general journal to record the claimable amount.

*Code	*Name	*Type	*Tax Code
100	Business Bank Account	Bank	BAS Excluded
110	Business Credit Card	Bank	BAS Excluded
200	Sales	Revenue	GST on Income
210	Sales - Flowers	Sales	GST on Income
220	Freight Income	Sales	GST on Income
230	Hawks Nest House Rental	Sales	Input Taxed
260	Other Revenue	Revenue	GST on Income
270	Interest Income	Revenue	GST Free Income
275	Fuel Tax Credits	Other Income	BAS Excluded
310	Purchases	Direct Costs	GST on Expenses
400	Advertising	Expense	GST on Expenses
404	Bank Fees	Expense	GST Free Expenses
405	Cellar Door Amenities	Expense	GST on Expenses
406	Term charges - Navarra	Expense	GST Free Expenses
408	Cleaning	Expense	GST on Expenses
410	Commission Flowers	Expense	GST on Expenses
412	Consulting & Accounting	Expense	GST on Expenses
415	Contractor Fees	Expense	BAS Excluded
416	Depreciation	Expense	BAS Excluded
420	Entertainment	Expense	GST Free Expenses
425	Freight & Courier	Expense	GST on Expenses
429	General Expenses	Expense	GST on Expenses
433	Insurance	Expense	GST on Expenses
437	Interest Expense	Expense	GST Free Expenses
441	Legal expenses	Expense	GST on Expenses
445	Light, Power, Heating	Expense	GST on Expenses
446	Merchant Fees	Expense	GST on Expenses
449	Motor Vehicle Expenses	Expense	GST on Expenses
453	Office Expenses	Expense	GST on Expenses
461	Printing & Stationery	Expense	GST on Expenses
469	Rent	Expense	GST on Expenses
473	Repairs and Maintenance	Expense	GST on Expenses
477	Wages and Salaries	Expense	BAS Excluded
478	Superannuation	Expense	BAS Excluded
485	Subscriptions	Expense	GST on Expenses
489	Telephone & Internet	Expense	GST on Expenses
493	Travel - National	Expense	GST on Expenses
494	Travel - International	Expense	GST Free Expenses
495	Fuel - Diesel off road	Expense	GST on Expenses
497	Bank Revaluations	Bank Revaluations	BAS Excluded
498	Unrealised Currency Gains	Unrealised Currency Gains	BAS Excluded
499	Realised Currency Gains	Realised Currency Gains	BAS Excluded
505	Income Tax Expense	Expense	BAS Excluded
610	Accounts Receivable	Accounts Receivable	BAS Excluded
620	Prepayments	Current Asset	BAS Excluded
630	Inventory	Inventory	BAS Excluded
710	Plant & Equipment	Fixed Asset	GST on Capital
711	Less Accumulated Depreciation on Plant & Equipment	Fixed Asset	BAS Excluded
720	Computer Equipment	Fixed Asset	GST on Capital
721	Less Accumulated Depreciation on Computer Equipment	Fixed Asset	BAS Excluded
730	Motor Vehicles	Fixed Asset	GST on Capital
770	Directors Loan	Current Asset	BAS Excluded
793	Borrowing costs - Navarra	Fixed Asset	GST Free Expenses
800	Accounts Payable	Accounts Payable	BAS Excluded
801	Unpaid Expense Claims	Unpaid Expense Claims	BAS Excluded
804	Wages Payable - Payroll	Current Liability	BAS Excluded
820	GST	GST	BAS Excluded
822	Fuel Tax Credits Claimable	Current Liability	BAS Excluded
825	PAYG Withholdings Payable	Current Liability	BAS Excluded
826	Superannuation Payable	Current Liability	BAS Excluded
827	Voluntary Withholdings Payable 20%	Current Liability	BAS Excluded
828	No ABN Withholding Tax	Current Liability	BAS Excluded
830	Income Tax Payable	Current Liability	BAS Excluded
840	Historical Adjustment	Historical	BAS Excluded
850	Suspense	Current Liability	BAS Excluded
860	Rounding	Rounding	BAS Excluded
877	Tracking Transfers	Tracking	BAS Excluded
880	Owner A Drawings	Current Liability	BAS Excluded
881	Owner A Funds Introduced	Current Liability	BAS Excluded
883	Finance Company - Navarra 858.94	Non-current Liability	BAS Excluded
884	less Unexpired term charges - Navarra	Non-current Liability	BAS Excluded
900	Loan	Non-current Liability	BAS Excluded
960	Retained Earnings	Retained Earnings	BAS Excluded
970	Owner A Share Capital	Equity	BAS Excluded