Junior Accounts and Finance Executive

Junior Accounts and Finance Executive Interview Questions and Answers

Updated 29 Nov 2023

Q1. Journal entry with gst

Ans.

Journal entry with GST involves recording transactions related to goods and services tax.

  • Debit the receivable/payable account for the net amount excluding GST

  • Credit the GST payable/receivable account for the GST amount

  • Credit the revenue/expense account for the total amount including GST

  • Example: Debit Accounts Receivable $1,000, Credit GST Payable $100, Credit Sales $1,100

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