Answered step by step
Verified Expert Solution
Question
1 Approved Answer
QUESTION 2 (4 marks) Olivia Ltd is a business registered for GST and it lodges its Business Activity Statement (BAS) at the end of each
QUESTION 2 (4 marks) Olivia Ltd is a business registered for GST and it lodges its Business Activity Statement (BAS) at the end of each quarter. For month of June 2020, Olivia Ltd recorded the following transactions: Transactions Made sales to customers on credit Provided services to customers on cash basis Owners withdrew cash from the business Paid for various operating expens Normalt including wages) Paid for wages (gross) PAYG Withheld Paid suppliers for an amount owed on 1 March 2020 Note: the above amounts include GST where appropriate $ 13,200 12,100 20,000 79,200 48,590 7,500 22,000 Additional information: On 1 June 2020, GST Paid and GST Collected opening balances were $9,000 and $5,000 respectively. PAYG Withheld opening balance was $2,000. Required: Based on the above information, record the total GST Paid, GST Collected, PAYG Withheld, the Net Amount Payable/Refundable, and clearly indicate whether the Net Amount is payable to the ATO or refundable to the business for the April to June 2020 quarter in the space provided. (4 marks) QUESTION 2 (4 marks) Olivia Ltd is a business registered for GST and it lodges its Business Activity Statement (BAS) at the end of each quarter. For month of June 2020, Olivia Ltd recorded the following transactions: Transactions Made sales to customers on credit Provided services to customers on cash basis Owners withdrew cash from the business Paid for various operating expens Normalt including wages) Paid for wages (gross) PAYG Withheld Paid suppliers for an amount owed on 1 March 2020 Note: the above amounts include GST where appropriate $ 13,200 12,100 20,000 79,200 48,590 7,500 22,000 Additional information: On 1 June 2020, GST Paid and GST Collected opening balances were $9,000 and $5,000 respectively. PAYG Withheld opening balance was $2,000. Required: Based on the above information, record the total GST Paid, GST Collected, PAYG Withheld, the Net Amount Payable/Refundable, and clearly indicate whether the Net Amount is payable to the ATO or refundable to the business for the April to June 2020 quarter in the space provided. (4 marks)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started