Recording GST Problem

[hello_kitty]

This is a sillyquestion but when do we know when to include GST in recording? Apart from the special journals

Also the Cost of sales column does not include GST?

Thanks!

[sam.utute]

If you know what is included in GST, you should be able to work out whether or not GST is applicable in the scenario. E.g. Wages never includes GST, as a different tax is charges instead (income tax).
However, the question that VCAA sets you will usually explicitly state whether or not GST is applicable.

Regarding COS:
GST is charged on the sale of goods and services. Cost of sales is merely an economic benefit that you are consuming (loss of stock). You charge the tax on the selling price, the amount you are actually "selling" - ignore my grammatical mistakes please. On my phone

[hello_kitty]

thanks that makes sense!
also its a question from another thread about -  Referring to one Accounting principle, explain why residual value is deducted from Historical cost when calculating depreciation using the straight-line method.

would you say Entity or Reporting Period and Why? I'm confused at the difference and how they work