Marie Jones Taxation Assingment Help With Solution

Marie Jones Taxation Assingment Help With Solution

 
Goods andServices Tax andtheGeneralLedgerExercises

Exercise 1: GoodsandServices Tax Calculation

  1. StatewhetherGST would be applicable ontheseitems or not
  • MotorVehicle *applicable√
  • Wages * not applicable √
  • Food * not applicable
  • Coke * not applicable
  • Insurance * applicable√
  • Interest *not applicable√
  • Taxpaid * not applicable√
  • Drawings * not applicable √
  1. CalculatetheGSTinclusiveamountforthefollowingGSTexclusivePleaseshowyourworking
Office Equipment – $500 x15%               $ 75 gst√                   = $575 inclusive
Sales – $300 x15%               $ 45 gst √                  = $345 inclusive
Purchases- $1,000 x15%           $ $150 gst√    = $1150bInclusive
  1. CalculatetheGSTexclusiveamountsforthefollowingGSTPleaseshowyourworking.

 

Computer – $1,200×3 /23              $156 gst  √                   = $ 1044 exclusive
Sales – $800      x3 /23               $ 104 gst √                  = $ 696 exclusive
Purchases- $400      x3 /23               $ 52 gst   √                   = $ 348 exclusive

 

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GeneralLedger

Marie Jones Enterpriseshasthefollowingopening balances asat 1 March 2013

OpeningBalances

Bank 55,000 Owners Equity 75,000
Inventory 7,000    
Accounts Receivable 7,000 Accounts Payable 800
Furniture and Fittings 3,000    
Vehicle 2,500    
GST payable 1,300    

Thefollowingtransactionshave takenplaceinthemonthofMarch.Note:All amountsincludeGSTinclusivewhereapplicable.GSTfiguresareto beroundedtonearestdollar.

Transactionsfor March2013 areasbelow;

  1. Paid bankfeesof$100.
  2. Anewmotorvehiclewaspurchased. Thetotalcostwas$10,700. Adeposit of$3,000waspaidbycheque. Thebalanceowingistobepaidoninterestfree   HirePurchase.
  3. Invoiced AdamMills(a customer) $3,000forgoods,cost ofsales $1,000

Withdrew$880for personal use

Received interest from the bankof$379. This wentintothebusinessbankaccount.

  1. Purchasedgoodsfor resale on credit for $7,000.
  2. Paidfor thefollowing:Advertising$50,Repairs$80,Stationery $100.
  3. Ryan(acustomer)paid$6,000thatheowedthebusinessforsalesinvoicedtohim last month.
  4. Paid personal rent frombusinesschequeaccount-$300
  5. Introduced afurther$10,000 intothe business

Sold goodsfor cash $2,000,cost ofsales $800(GSTexclusive)

 

  1. BusinesspurchasedgoodsfromXYTradersfor$1,000.Businesstookout a loanfrom bank-$20,000
  2. Boughtfurniture$1,000forbusinessuse

Sold goodsfor$500cash which had cost $200 (GSTexclusive)

Soldgoodsfor$200 creditwhich had cost $80 (GSTinclusive)

Required:

  1. Recordthe openingbalancesinthegeneral ledger
  2. Recordthetransactionsin

 

 

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