Prepare a BAS (Business Activity Statement) You need to prepare a business activ
ID: 2791331 • Letter: P
Question
Prepare a BAS (Business Activity Statement)
You need to prepare a business activity statement (BAS) for the first quarter of 2012/13.
Complete the following GST to anticipate the GST liability.
July
August
September
Budgeted cash receipts incurring GST:
Cash sales
Cash revenue (besides sales)
Cash receipts from sale of assets (not stock)
Total receipts for GST
Budgeted non-cash receipts incurring GST:
Debtors sales
Total non-cash receipts:
Total budgeted receipts incurring GST
200,000
240,000
160,000
Budgeted cash payments incurring GST
Cash purchases of stock
Cash expenses
Total cash receipts incurring GST
5,200
5,250
Budgeted credit payments incurring GST
Credit purchases of stock incurring GST
Credit purchases of assets (besides stock)
Total cash payments incurring GST
Total budgeted cash payments incurring GST
33,600
40,400
35,500
GST cash budget calculations
a)Cash receipts
b)Cash payments
c)GST liability
July
August
September
Budgeted cash receipts incurring GST:
Cash sales
20000 10000 10000Cash revenue (besides sales)
0 0 0Cash receipts from sale of assets (not stock)
0 0 0Total receipts for GST
20000 10000 10000Budgeted non-cash receipts incurring GST:
Debtors sales
180000 230000 150000Total non-cash receipts:
180000 230000 150000Total budgeted receipts incurring GST
200,000
240,000
160,000
Budgeted cash payments incurring GST
Cash purchases of stock
0 0 0Cash expenses
4300 5200 5250Total cash receipts incurring GST
43005,200
5,250
Budgeted credit payments incurring GST
Credit purchases of stock incurring GST
25000 30000 250000Credit purchases of assets (besides stock)
4300 5200 5250Total cash payments incurring GST
29300 35200 30250Total budgeted cash payments incurring GST
33,600
40,400
35,500
Explanation / Answer
Complete the following GST to anticipate the GST liability.
July
August
September
Budgeted cash receipts incurring GST:
Cash sales
Cash revenue (besides sales)
Cash receipts from sale of assets (not stock)
Total receipts for GST
Budgeted non-cash receipts incurring GST:
Debtors sales
Total non-cash receipts:
Total budgeted receipts incurring GST
200,000
240,000
160,000
Budgeted cash payments incurring GST
Cash purchases of stock
Cash expenses
Total cash receipts incurring GST
5,200
5,250
Budgeted credit payments incurring GST
Credit purchases of stock incurring GST
Credit purchases of assets (besides stock)
Total cash payments incurring GST
Total budgeted cash payments incurring GST
33,600
40,400
35,500
GST cash budget calculations
a)Cash receipts(this actually refers to budgeted receipts incurring GST)(Do not be confused by the word cash - the important point is budget) Once booked, the Income is to be taxed- irrespective of when it is received)
200,000
2,40,000
1,60,000
b)Cash payments(this actually refers to Budgeted payments incurring GST)(both cash and non cash)
c) GST liability(a-b)
33,600
1,66,400
40,400
99,600
35,500
1,24,500
July
August
September
Budgeted cash receipts incurring GST:
Cash sales
20000 10000 10000Cash revenue (besides sales)
0 0 0Cash receipts from sale of assets (not stock)
0 0 0Total receipts for GST
20000 10000 10000Budgeted non-cash receipts incurring GST:
Debtors sales
180000 230000 150000Total non-cash receipts:
180000 230000 150000Total budgeted receipts incurring GST
200,000
240,000
160,000
Budgeted cash payments incurring GST
Cash purchases of stock
0 0 0Cash expenses
4300 5200 5250Total cash receipts incurring GST
43005,200
5,250
Budgeted credit payments incurring GST
Credit purchases of stock incurring GST
25000 30000 250000Credit purchases of assets (besides stock)
4300 5200 5250Total cash payments incurring GST
29300 35200 30250Total budgeted cash payments incurring GST
33,600
40,400
35,500