Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Part B Umarks) The transactions below are for Katrina, who mns her own business and is registered for GST, fer the two months ending 31st

image text in transcribed
image text in transcribed
Part B Umarks) The transactions below are for Katrina, who mns her own business and is registered for GST, fer the two months ending 31st May 2019. . Sold goods for cash $40,000. . Bought and paid for a personal laptop $3,500. . Paid for the following: Fient $2,500; Wages $?000; Bank Fees $50; Purchases $15,000; Power and Phone $1,?00; Advertising $1,000; Repairs and maintenance $800 . Bought a second hand machine from her brother for $2,400 on credit. His brother bought it 10 months ago for $1,300. Required: Complete Katrina's GST return for the two month period ending 31st May 2019 using the payments method. All the transactions shown are GST inclusive. Provide explanations for items not included in the GST calculations. (7' marks)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting Information Systems

Authors: Cynthia D Heagy, Constance M Lehmann

7th Edition

1111219516, 978-1111219512

More Books

Students also viewed these Accounting questions

Question

8. What values do you want others to associate you with?

Answered: 1 week ago