Accounting: Discussion, Questions & Potential Solutions

[Jim_Bob]

sounds familiar. Did you draw a GST clearimg a/c?

Bang on. Yes I did. If you did and had the incorrect values, the assessor will recognise that

[Jim_Bob]

Shouldn't it be a credit balance since the GST in was greater than the GST out?

As at 31 Jan meaning the closing balance before it has been transferred. It has to be a debit balance so that total credit entries equal the debit entries. It will be a credit entry at the start of the next reporting period, and hence we will pay the amount owing to the ATO. This was similar to a past vcaa question and i dont think they were looking for a DR or a CR, just a value

[jamesmctank]

oh yeah i was wrong for some stupid reason i debited the gst for the first 2 transactions thats probably 0/2

[Mamba]

How long until someone posts the solutions? For Maths they're up within a few hours. Accounting gets no respect 

[NomotivationF]

Does anyone have solutions yet?