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April 19, 2024, 01:49:00 pm
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Author Topic: NAT0003 - accounting question thread  (Read 1116 times)  Share 

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NAT0003

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NAT0003 - accounting question thread
« on: March 13, 2017, 03:33:50 pm »
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Hey guys :)
Just some questions
1. Define the term GST payable
2. explain function of cash receipt journal
3. explain function of cash payment journal
Thanks for helping :)
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Aaron

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Re: NAT0003 - accounting question thread
« Reply #1 on: March 13, 2017, 03:41:27 pm »
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Have you attempted any of these yourself? What specific parts are you having trouble with?

Like.. for example: "1. Define the term GST payable" would be easily solved by looking up a definition either online or via your textbook.
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NAT0003

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Re: NAT0003 - accounting question thread
« Reply #2 on: March 13, 2017, 03:43:03 pm »
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Quote from: Aaron on March 13, 2017, 03:41:27 pm
Have you attempted any of these yourself? What specific parts are you having trouble with?

Like.. for example: "1. Define the term GST payable" would be easily solved by looking up a definition either online or via your textbook.
Hey Aaron,
Yes I had a go at these, but didn't really understand them, as with accounting being a pretty tricky subjects in itself.
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Cranium002

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Re: NAT0003 - accounting question thread
« Reply #3 on: March 13, 2017, 06:56:21 pm »
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Quote from: NAT0003 on March 13, 2017, 03:33:50 pm
Hey guys :)
Just some questions
1. Define the term GST payable
2. explain function of cash receipt journal
3. explain function of cash payment journal
Thanks for helping :)

GST Payable is the net amount of GST owed to the government. When a business receives a payment from its customers, this payment includes a 10% GST charge. When the firm/business buys products, they will have to pay GST as part of the total sum. This GST amount paid o suppliers is subtracted from the GST owed to the government.

The function of cash receipts journal is to classify and summarise all cash received from other entities during a particular recording period. The cash payments journal's function is to classify and summarise all the cash paid to other entities during a period of time.

Hope this helps :)
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NAT0003

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Re: NAT0003 - accounting question thread
« Reply #4 on: March 13, 2017, 07:29:45 pm »
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Quote from: Cranium002 on March 13, 2017, 06:56:21 pm
GST Payable is the net amount of GST owed to the government. When a business receives a payment from its customers, this payment includes a 10% GST charge. When the firm/business buys products, they will have to pay GST as part of the total sum. This GST amount paid o suppliers is subtracted from the GST owed to the government.

The function of cash receipts journal is to classify and summarise all cash received from other entities during a particular recording period. The cash payments journal's function is to classify and summarise all the cash paid to other entities during a period of time.

Hope this helps :)
Thanks for helping :)
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