Tell the entry with GST?

Question

Accepted Answer

The entry with GST refers to the recording of transactions involving the Goods and Services Tax.

GST is a value-added tax levied on the supply of goods and services in many countries.
When recording an entry with GST, the tax amount is typically added to the cost of the goods or services.
The entry should include the GST amount, the tax code, and the relevant accounts for recording the transaction.
For example, if a company purchases goods for $100 with a GST rate of 10%, the entry would include a debit to the Purchases account for $100 and a debit to the GST Payable account for $10.
On the other hand, if a company sells goods for $200 with a GST rate of 5%, the entry would include a credit to the Sales account for $200, a credit to the GST Collected account for $10, and a debit to the GST Payable account for $10.

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