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Do not deduct mark for consequential errors.Payroll and Activity Statement, Assessment 2, v1.2 Last updated on 16/09/2019Page 7
T-1.8.1_v3Boosting Sales is registered for GST as a cash payer and has chosen to report and calculateits GST every quarter. As a bookkeeper, part of your job description is to complete thequarterly BAS (under the direction of your client’s tax agent). Required: The following was extracted from the accounts for the quarter ended 31December 2016. Complete the followings:a) GST Classification Worksheet for BAS purposes (12 Marks)b) GST Calculation Worksheet for BAS purposes (12 Marks)c) When is the payment due date? (2 Marks)d) Enter the journal entry to process the payment. (2 Marks)Note:All values are GST inclusive (wherever applicable)SUMMARY$Sales of goods and services440,000Export sales7,700Other GST-free sales6,600Commercial Rent 99,000Residential Rent 22,000Sale of Assets 5,500General Business Expenses220,000Business Council & Water Rates 2,200Depreciation4,400Commercial Rent Expenses 9,900Residential Rent Expenses4,400Purchase of Fax Machine2,200Wages & Salaries88,000Superannuation7,920 PAYG tax withheld25,000a) GST Classification worksheetOutputs:Account DetailsOutputsTaxableExportsGST-Input ExcludePayroll and Activity Statement, Assessment 2, v1.2 Last updated on 16/09/2019Page 8
T-1.8.1_v3FreeTaxeddSale of goods & services440,000440,000Export Sales7,7007,700Sale of assets5,5005,500Other GST-free sales6,6006,600Commercial Rent99,00099,000Residential Rent22,00022,000TOTALS580,800544,5007,7006,60022,000GST Classification Worksheet ReferenceG1G6G2G3G4Inputs:Account DetailsInputsCapital PurchasesNon Capital PurchasesTaxable SupplyInput TaxedGSTFreeExcludedGeneral Business expenses220,00022,000220,000Business council & waterrates2,2002,2002,200Depreciation4,4004,400Commercial rent expenses 9,9009,9009,900Residential rent expenses 4,4004,4004,400Purchase of Fax Machine 2,2002,2002,200Wages & salaries88,00088,000Superannuation7,9207,920PAYG Withholding25,000Payroll and Activity Statement, Assessment 2, v1.2 Last updated on 16/09/2019Page 9
T-1.8.1_v3TOTALS364,0202,20038,500232,1004,4002,200100,320GST Classification Worksheet ReferenceG10G11G17G13G14ExcludedG1Total Sales (including any GST)580,800G10Capital Purchases (including any GST)2,200G2Exports7,700G11Non-Capital Purchases (including any GST)38,500G3Other GST –Free Sales6,600G12G10 + G1140,700G4Input Taxed Sales22,000G13Purchases for making Input Taxed Sales4,400G5G2 + G3 + G436,300G14Purchases without GST in the price2,200G6Total Sales subject to GST(G1 minus G5)544,500G15Estimated Purchases for Private Use or not Income Tax Deductible0G7Adjustments (if applicable)0G16G13 + G14 + G156,600G8Total Sales subject to GSTafter Adjustments (G6 +G7)544,500G17Total Purchases subject to GST (G12 minus G16)34,100G9GST on Sales (G8 divided by eleven)49,500G18Adjustments (if applicable)0G19Total Purchases subject to GST after Adjustments(G17 + G18)232,100G20GST on Purchases (G19 divided by eleven)21,100NET GST PAYABLE (G9 minus G20)28,400Payroll and Activity Statement, Assessment 2, v1.2 Last updated on 16/09/2019Page 10
T-1.8.1_v3b) GST Calculation Worksheet for the quarter ended 31 December 2014:c) Payment due date: 28 of February 2015d) Journal entry to record the payment:DateParticularsDebit ($)Credit ($)28/02/15GST expenses28,40028/02/15Cash28,400Question 5 – PAYG WITHHOLDING (8 marks)