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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