ACCT3503 Question 3 A. Explain why General Consumption Tax (GCT) is considered a Value Added Tax. (2 marks) B. Bread and Basket Enterprise sells a mixture of supplies at standard rate, exempt and zero rate. The business made the following transactions during the month of June 2021: TRANSACTIONS AMOUNTS $ Purchased computer supplies inclusive of GCT 50,000 Sales inclusive of GCT Sales included some exempt items Sales included some zero-rated items Bought staff protective gears inclusive of GCT 14,750,000 130,100 300,000 100,000 Sales retums exclusive of GCT totalled 30,000 The business bought a small delivery truck excluding GCT 2,900.000 Purchases of standard-rated products for resale (inclusive of GCT) 9,858,000 Bad debts written off exclusive of GCT 40,500 Required: i. Using the current rates, prepare the account showing the liability or refund for the month of June 2021. ii. Provide the notes for calculations of GCT (14.5 marks) (3.5 marks) (Total 20 marks) Activat