im a tad confused with the following in relation to the study design...
1. Changes to GST: will they still identify if gst has been included/ not included? or they wont mention gst at all and we have to remember to include it?
2. posting to general ledgers in terms of months instead of reporting periods
thanks again
had a similar discussion in class with my teacher! what they're saying about the gst is pretty much what you're saying. students will be expected to work out gst without being prompted.
transactions that DONT include gst are: wages, drawings, interest expense/revenue, gst settlement,capital contribution, loan repayment, loan received, payments to creditors (as its already included from the credit purchase) and receipts from debtors (same applies for payments to creditors)
as for the posting journals, they'll give you a journal thats has the totals from three separate months. i.e
Date Details Rec No. Bank Discount Rev Debtors Control
1-31 Jan Totals 43,000 18000
1-28 Feb Totals 37,000 500 12000
1-31 Mar Totals 50,000 24000
Then you have to post them to the one ledger using separate entries
Debtors Control
Date Cross Ref $ Date Cross Ref $
1/1 Balance 15,000 31/1 Bank 18000
28/2 Bank/ discount revenue 12000
31/3 Bank 24000
^(didnt include the credit sales but i hope you get the point)
i hope that clears a bit up splash.of.colour!