Question
A retail shop has had the following transactions during the Goods and Service Tax (GST) period of March to June 2021. Calculate the GST paid
A retail shop has had the following transactions during the Goods and Service Tax (GST) period of March to June 2021. Calculate the GST paid and the GST collected in each of the following transactions:
- Bought goods for $6,390 plus GST
- Bought goods for $3,905 GST inclusive
- Sold goods for $1,420 plus GST
- Sold goods for $22,726 GST inclusive
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Cost Accounting Foundations and Evolutions
Authors: Michael R. Kinney, Cecily A. Raiborn
8th Edition
9781439044612, 1439044619, 978-1111626822
