Junior Accounts and Finance Executive Interview Questions and Answers

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