Goods and Services Tax (GST) Paragraph Styles (Total 10 marts Ran Singh started a new...
90.2K
Verified Solution
Link Copied!
Question
Accounting
Goods and Services Tax (GST) Paragraph Styles (Total 10 marts Ran Singh started a new business an 1 September 2021. She decides to register for GST on a payment basis and has chosen to submit two monthly GST returns. Rani's first GST retum is due on 28 November 2021. For the remainder of September and October, Rani had the following transactions: Personal funds invested in the business, $120,000 Bought equipment for $20,000 and paid cash First month rent invoice received for $2,000, payment made on 20 October Cash banked from sales in September $12,500 September Purchases $7.200. September purchase invoices were all paid by 15 October Cash payments for September power and phone bills $540 Wages paid for part-time staff, 51,920 Rani's drawings for personal expenses, $2,500. Cash banked from sales in October, $11,600. October Puohases $6,800. Purchases invoices outstanding on 30 October $3,500. Invoices for business expenses, 5550, $240 and $150. Payment due on 1 November . (a) Complete Rani's GST return for the two-month period ended 31 October 2021 Question 7 (a) Answer (6 marks)
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
