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GST Lila owns a corner shop. During the final pay period for the 20120 financial year, Lila recorded the following transactions (where applicable, amounts include
GST Lila owns a corner shop. During the final pay period for the 20120 financial year, Lila recorded the following transactions (where applicable, amounts include GST): Cash sales of trading stock ($20.000); Credit sales of trading stock ($27,000) Lila also: Collected $9,000 from credit sales (Accounts Receivable) . And she bought trading stock on credit totalling $13,000 (Accounts Payable) Other Information: During the same Tax Year, Lila wrote off a bad debt in relation to a credit customer's bankruptcy (Accounts Receivables) totalling $950 And paid business overheads totalling $9,000. Required: Calculate Lila's net GST liability for the final 2020 pay period if she operated on a cash basis
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