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Foxwedge Pty Ltd operates a small business. Foxwedge Pty Ltd accounts for and reports GST on an accrual basis quarterly. During the June quarter
Foxwedge Pty Ltd operates a small business. Foxwedge Pty Ltd accounts for and reports GST on an accrual basis quarterly. During the June quarter the following transactions occurred. Required: Complete the GST Calculation Worksheet for Foxwedge's June quarter BAS. All amounts include GST where applicable. Receipts ($) Sale of goods 200,900 Export sales 11,450 GST-free sales 5,000 Commercial rent received 12,900 Sale of printing equipment 19,500 Bank interest received 2,309 Dividends received 236 Bank loan received 300,000 Payments ($) Salaries and wages 57,600 Superannuation 5,340 Rent of business premises 14,000 General business expenses 32,215 Purchase of fax machine 4,880 Printing supplies 42,420 Interest paid 100 Telephone 5,120 Drawings 150,000 Bank charges 560 Insurance 2,590 GST Calculation Worksheet for Foxwedge Pty Ltd, June quarter BAS: GST amounts you owe the Tax Office from sales G1 Total sales (including and GST) G1 29 G2 Export sales G2 G3 Other GST-free sales G3 5000 G4 Input taxed sales G4 G5 G2 + G3 + G4 G5 252059 11450 16450 G6 Total sales subject to GST G6 235609 G7 (G1 minus G5) Adjustments (if applicable) 85 G7 G8 Total sales subject to GST after adjustments G8 (G6+G7) G9 GST on sales (G8 divided by eleven) G9 $ GST amounts the Tax Office owes you from purchases 235609 21419 G10 Capital purchases G10 4880 (including and GST) 19 G11 Non-capital purchases G11 97005 (including any GST) G12 G10 + G11 G12 101855 G13 Purchases for making input taxed sales G13 G14 Purchases without GST in the price G14 $ 660 Unit Covered: MAS001 TPB Written Assessment FNSTPB401 (FNSBKG404) G15 Estimated purchases for private use G15 $ or not income tax deductible G16 G13 + G14 + G15 G16 417 G17 Total purchases subject to GST G17 101225 (G12 minus G16) G18 Adjustments (if applicable) G18 G19 Total purchases subject to GST after G19 $ 101225 adjustments (G17+G18) G20 620 GST on purchases (G19 divided by eleven) G20 $ 9202 660 60
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