Record the total GST Paid and GST Collected

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Reference no: EM132818432

QUESTION - Optimistic Outlook' is a business registered for GST and lodges its Business Activity Statement (BAS) at the end of each quarter. For the month ending 30 September 2020, 'Optimistic Outlook' recorded the following transactions:

Transactions

$

Drawings by owners

15,246

Provided sales to customers on cash basis

83,050

Paid for various operating expenses (not including wages)

72,347

Paid for wages (gross)

55,000

PAYG Withheld

11,000

Purchased and paid for a new motor vehicle

47,894

Received cash from credit customers for services provided in August 2020

33,000

Note: the above amounts include GST where appropriate.

Additional information: On 1 September 2020, GST Paid and GST Collected opening balances were $5,000 and $25,000 respectively. PAYG Withheld opening balance was $10,000.

Required - Based on the above information, record the total GST Paid, GST Collected, PAYG Withheld, the Net GST Payable/Refundable, and clearly indicate if the Net GST amount is payable to the ATO or refundable to the business for the July - September 2020 quarter in the space provided. Is the Net Amount Payable to the ATO or Refundable to the Business?

Reference no: EM132818432

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