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Forum/Forums/Bookkeeping & Accounting Forum/FNSACC303/error on page 72

error on page 72

  • 5 years, 4 months ago Mengting Wu

    The above transaction will look like tis in the accounts:

    …
    final column of “GST paid” table shall be marked to “Cr account group” instead of “Dr account group”.

  • 5 years, 4 months ago Chandrika

    Hi Mengting,

    I don’t see that there as an error. Last Column is the Ledger account. Dr GST paid Account not the Account Group.

    Usually GST paid shows as a negative liability. Then Both GST paid and collected will appears as one figure in the Balance sheet . So its Account group is Cr as its a liability but figures will show with a negative sign, Alternatively you may create GST Paid as an Asset Account too.

  • 5 years, 4 months ago Sharyne Leask

    Hi Chandrika,

    I don’t have a page 72, my workbook only goes up to page 33. Do I have the wrong book.

    Kind regards
    Sharyne

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