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What accounting package are you using it sounds like Quickbooks to me.
Gst in profit and loss statement. Ad Find Profit And Loss Statement. You usually complete a profit and loss statement every month quarter or year. It is prepared based on.
This means you simply show all money from sales in your profit and loss statement. What GST we pay on purchase we cover from GST payable on Sales. 26 GST AND THE INCOME STATEMENT Therefore the following should NEVER be in the Income Statement GST collected fromcharged from customers GST paid tocharged by suppliers Income Statement for 30 June 2015 Expenses GST paid 30 Rent 200 Insurance 100 Wages 500 830 Income Statement for 30 June 2015 Revenue.
A profit and loss or income statement lists your sales and expenses. It tells you how much profit youre making or how much youre losing. Profit of consolidated companies.
Feel free to contact me if you have issues with accounting package or not sure where. When collected from customers it is a statutory liability and when paid on purchases it is a current asset. GST is neither an Income or Expenditure hence it is not a part of Profit and loss account.
What GST we collect from the customers we. Provision benefit for income taxes. Purchase and Sales are shown in Trading Profit and Loss Account.
GST is passed on to the IRD it is not revenue for your business. However if you pay gst on an item on which credit is not available then it becomes a part of your cost and becomes an expense. A profit and loss statement PL or income statement or statement of operations is a financial report that provides a summary of a companys revenues expenses and profitslosses over a given period of time.
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