What is the general gst consequence of this event

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Reference no: EM133557813

Assignment:

Joey is the owner of Delicious Steakhouse, a steak restaurant. The business accounts for GST on an accrual basis. Joey sells various steak supplies on account to various restaurants in Adelaide. The restaurants are also all registered for GST. Recently, Joey received a letter from one restaurant advising her that the restaurant was placed in liquidation and as a result they are not able to pay Joey's bills.

(a) What is the general GST consequence of this event?

(b) What happens if Joey subsequently receives payment from the restaurant owner's related party company?

Reference no: EM133557813

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