You are required to apply to correct GST code against the following business balances for the period January to March; the company uses the accrual basis when accounting for GST
Using a Business activity statement from ATO, You are required to apply to correct GST code against the
following business balances for the period January to March; the company uses the accrual basis when
accounting for GST. All of these amounts include GST if applicable.
Account Total amount
$
BAS code
Sales invoiced (inc. GST)
Sales 370,000
Exports 65,000
Other GST-free sales 16,800
Purchase invoices (inc. GST)
Assets purchased 60,700
Purchase of materials 115,200
General journal bills
Advertising 800
Electricity 1,200
Freight 580
Petrol for company vehicle 2,200
Salaries 45,000
Wages 120,000
PAYG withheld from salaries and wages 33,400
ATO-assessed income rate 3.60%
It is important that bookkeepers are able to calculate GST amounts accurately.
Calculate GST on an invoice received for payment of education fees; total invoice amount is $2,200
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