The 10% GST IS APPLICABLE IN THIS QIESTION. The perpetual system is used. Ignore cost...
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The 10% GST IS APPLICABLE IN THIS QIESTION. The perpetual system is used. Ignore cost of sales. I may 1st retailer co sold 100 units of inventory to customer Ltd on account . 3/10, n.30 the selling price per unit was $100 (GST inclusive ). On may 2 customer Ltd returned 5 units of inventory to relative co.I may 10 retailer co collected cash from customer Ltd in full settlement. The journal entry to record the transaction I may 10 in retailer cos book includes a. Dr.GST payable $ 19 b. Dr GST PAYABLE $17.27 c. Dr. GST payable $25.91 d.none of the above
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