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WorksheetsAccounting for a Trading Business #3
Total questions: 10
Worksheet time: 5mins
GST on purchases of assets or payments of expenses will always be a...
(a)
All of the following are recorded inclusive of GST except for?
Accounts Payable
Accounts Receivable
Sales
Bank
If cash sales are $440 incl. GST, which statement is correct?
Cr Sales 440
GST = 44
Dr Bank 440
Dr Bank 400
Identify the two transactions that include GST
Drawings of inventories
Drawings of cash
Payment of wage
Purchases of stationery
Identify the error made in the General Journal.
Inventories should be $680
GST Clearing should be Cr $68
Cost of goods sold needs to be included
GST Clearing should be Dr $62
Given the General Journal entry shown, identify the two correct statements regarding the Inventories ledger account.
The ledger will show 900 in the debit column
The ledger will show 900 in the credit column
The particulars in the ledger will be Bank
The particulars in the ledger will be GST Clearing
Given the general journal identify the correct transaction.
Owner paid for personal groceries using the business bank account $880
Owner withdrew $880 from business bank account for personal use
Owner took home inventories for his family use, $800 incl. GST
Owner took home inventories for his family use, $880 incl. GST
Identify the two correct statements given the general journal.
The business purchased equipment for $1760 incl. GST
The business purchased equipment for $1600 incl. GST
The business purchased equipment for $800
The business paid a deposit of $800
Identify the two errors shown in the General Journal if this is to record a sales return of $550 incl. GST
Cost of goods sold should be a Cr; inventories should be a Dr
It should be "sales returns" instead of "sales"
Sales should be $550 and Bank $500
GST Clearing should be $55 and Sales should be $495
Given the Sales Ledger account, identify the two correct statements.
Credit sales of $800 incl. GST were made on May 22
A sales return occurred on May 24, $220 incl. GST
Gross profit earned on the sale on May 15 is $500
Cash sales of $550 incl. GST were made on May 15
