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GST rate is not given Jack Beam is a business registered for GST and lodge its Business Activity Statement (BAS) at the end of each

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GST rate is not given

Jack Beam is a business registered for GST and lodge its Business Activity Statement (BAS) at the end of each quarter. For the month of March 2018, Jack Beam recorded the following transactions: Transactions $ Owner contributed additional cash 1,500 Cash sales 94,380 Paid for various operating expenses (not including wages) 82,940 Purchased and paid for a new delivery van 49,500 Fiona paid her employee $15,000 (net), with $3,000 PAYG withholding Additional information: On 1 March 2018, the opening value of GST Paid was $11,000 and GST Collected was $14,000. Note: the above amounts include GST where appropriate. Required: Based on the information above, complete the following BAS extract for the January - March 2018 quarter. Boris is a sole trader who runs High Country Camping Supplies. He has provided you with the following transactions for the month of July 2020. 1 July 2 July 5 July 8 July 13 July Boris made a loan payment totalling $10,000, which included $650 of interest. Boris purchased a computer for $2,200 (GST inclusive) on credit. Boris removed $9,020 worth of (GST-free) camping inventory and gave it to his brother as a gift. Victoria Police negotiated a 20% off the retail prices, and 10% deposit, net 30-day terms of trade. Boris appeared on a camping documentary, and the film producer paid Camping Supplies an appearance fee of 1,000 (including GST). Boris supplied 1,000 boots and 400 flashlights to the Victoria Police. The equipment would normally retail for $253,000 including GST. The inventory ordinally costed $111,100 including GST. Boris bought 300 tents at $77 each (including GST) in cash. He will retail the tents for $220 including GST Boris paid his weekly payroll. Gross wages totalled 2,600, while PAYG withholding was $650. Boris hired three new casual staff. The staff expect to earn $1,200 per week when they start. 20 July 21 July 25 July 30 July Required: a) Record the relevant general journal entry for each of the situations described below. Note: GST needs to be accounted for and narrations are not required. b) At 1 July 2020, High Country Camping Supplies had a bank balance of 25,000 Dr. Post relevant entries to the Cash ledger and calculate the closing balance at 24 1.... TeaAlive is a restaurant that sells a variety of tea and light meals. For the financial month ending 31 March 2020, the following balance day adjustments have not been recorded: (1) The business owed its employees $3,500 worth of wages with PAYG Withheld of $300. This amount has not yet been paid. On 1 March 2020, the business deposited $12,000 into a fixed deposit account. The bank offered an interest rate of 10% per year, which is paid on a yearly basis. The next interest receipt will not be until 1 March 2021. On 1 March 2020, the business purchased new equipment at $36,000 that it plans to depreciate at 20% each year. Required: Record the balance day adjustments in the general journal provided. Note: Ignore GST, and narrations are not required

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