 Hi everyone good day. Today I would like to talk about Grace and Servicers Test Accounting. Planning of todays, upon completion of this lecture, we should be able to outline the basic features of GSD, understanding the source documents, recording double entries. Grace and Servicers Test, features of GSD, text on the supply of most Grace and Servicers. Malaysia has GSD rate is 6%, buyer, consumers bears the cost of GSD. Seller collects GSD to pay the tax office. Features of GSD, GSD as 6%. Manufacturers, they bought raw materials to manufacture goods. So when they bought raw materials, they have to pay GSD. That GSD can be claimed back when they sell these manufacturers goods to the wholesalers. The wholesalers also sells to the retailers, retailers sells to the consumers. And wholesalers, they can claim back GSD and also retailers also can claim back GSD. Only customer have to pay 6% GSD for their consumers and services. How to calculate GSD? The price of appliance, goods and services tax GSD, then the coded price is, let's say the coded price is RM1000 plus GSD. Multiply the coded price with GSD 6%. The coded price RM1000 plus GSD, original price is the 1000, GSD tax is the 6%, so you pay the selling price will be 1060. GSD, implicit price, the price of the price shown on the source document of the business sales document transaction, GSD is implicit. For example, to the cost is the 1060. GSD is 60 and the original cost of the goods and services is 1000. So altogether, selling price appear on the documents will be 1060. Some business transactions that are not subject to GSD. What kind of transactions? Let's learn further. Any transactions that does not involve the supply and service. And services are not subject to GSD. Let's call 08 GSD. Examples, what are the examples of these cannot not subject to GSD? Latest and salaries. Commissions, bonus, etc. pay to the employees. Superannuation, contributions on behalf of the employees. Payments of tax such as GSD, income tax, payroll tax, etc. Continuations about GSD, not subject to GSD. Some more examples, let's learn about the some more transactions. Droids of cash by the providers or owners for their personal use. Payment to creditors, receipts from debtors, loaned and loaned repayments. There are many basic consumer risks at 08 GSD in Malaysia. Recording on GSD in accounts, there might be two accounts. GSD Collated Account and GSD Paid Account. GSD Collated Account is the leveled account. GSD Paid Account is an asset account. GSD Collated Account is there, leveled accounts and represents the amount owed to the tax office for GSD Collated on sales. It is used to record GSD Collated in any adjustment related to. These are sales returns, allowances to customers, discounts given for bond payment and debt debts regarding the credit customers. GSD Paid Account is an asset account. Represent the futures rebate amount from the debt office to pay GSD on business inputs. It is used to record GSD Paid in any adjustments related to. The GSD's returns, allowances given by supplier, discount receipt for bond payments and this taken for private personal owners used. Common types of business documents relating to GSD are purchase order, delivery docket, tax invoice, adjustment note, check, remittant advice, receipt, point of sales daily summary. Bank, the boss's slip, statement of account, point of sales receipt, tax invoice and bank statement. Entries in the accounting records, not all documents lead to entries into the records of accounting. Only those listed below are related to record, to be recorded. Tax invoice for credit transaction, adjustment note, check part for the check payment and receipt, duplications for cash transaction. Point of sales daily summary and bank statement in which some transactions related to GSD are to be recorded in accounts. Patease order, Patease order is a form of written request for the supplies of goods and services. Patease orders will include the following information, the descriptions of the goods and services, quantity of goods of the nature of the service required, the date of delivery and the estimated price, original copy of the Patease orders to be forwarded to the intended supplier. Duplicate copy is maintained by the customers for later references, delivery docket or delivery notes. It is used when goods are to be delivered to the customer by some external parties such as general carriers. The purpose of sending delivery docket is to verify the physical transfer of goods. Original copies is provided to the customer who received the goods. Duplicate copy is retained by the carrier who deliver the goods. Tax invoice, tax invoice is the document of credit transactions. A tax invoice is the bill charging a customer for goods and goods or services supplied. It provides complete details of the transactions including the price of the goods and services. Original copy is forwarded to the buyer. Duplicate copy is retained by the sellers for later entries in their accounting. Adjustment note, a document that allows the customer reductions in the original account charge for goods or services supplied. Circumstances that lead to adjustments include return of goods, reductions of the price of goods following an overcharge. Prompt payments discounts refund of part of the price of goods or services that ends by debts. Sometimes owners taking or consuming goods from their inventory that do be adjusted. The adjustment note, original copy is forwarded to the buyer. Duplicate copy is retained by the sellers for later entries in their accounting records. Check and check part. Check part is an order made a bank to pay on demand a stipulated amount of money to the persons named on the check. Checkbooks are printed by bank in standard form and consist two parts. Checkmark motion which includes the drawer's name of the drawer's. And check motion received by the payees. The name, the persons, either organizations or persons to whom the check is made out. Who will deposit it in the bank account. Checkmark is used as evidence of check payments. Remittant advice, a document, a company a payment. Setting out details of the amount paid. A great assistance to the payee or sellers who received the payments from their drawer's or buyer. Received a document used to acknowledge the receipt of money. Most businesses do not issue a receipt unless specifically requested by the customer. Received are the cash transactions. Why we don't need to produce a receipt? In the case of the one, point of see receipt text invoice that is automatically prepared by point of see device for over the counter and credit card transactions. The original receipt is forwarded to the customer to obligate copy is retained by the sellers for the later entries in the accounting records. Point of sales daily summary. Point of sale daily summary is a record of the daily taking through a point of sales POS device such as a cash register or point of sales computer terminal. Benefits of using point of sales device devices. A daily summary is prepared and it is used as a basis for accounting entries and reconciling purposes. Provides a detailed breakdown of the amounts received from various sources including cash sales. Electronic farm transfer point of sales and other credit card sales. A receipt text invoice is automatically prepared for the customer through computer terminal. Time divorce slip. Time divorce slip is a document prepared when the depositing cash or check in the bank account. The divorce slip presented to the bank when the deposit is made and used by the bank to record an increase in account of the depositor. The deposit part of the deposit slip retained by the business depositor as proof of the business decisions where the bank does not acquire the deposit slip. A seller's receipt is provided as a record of this monthly summary of transactions prepared by the supplier and sent to the customer. The purpose of preparing a student account is to divide the customer with the complete summary of the delivery. Transactions that have occurred in the past month to highlight the total amount here at the end of the month. Point of sales received. Text invoice is a document prepared by point of sales device and provided to the customers as an evidence of the transaction. A bank statement is prepared by the bank on a regular basis listing the transactions on the customer's account for a given period. Transactions revealed by the bank statement include fund transfer, transactions, right debit or standing order, automated payments from the business bank account, right credit, deposit made by the customers writing into the business bank account, then fees and charges. Bank interest received and by the business. A business allows a customer to use a debit card or bank issued credit card. These are a multi-scripts or services. The basis for these transactions are credited to the banks. A fees is charged to the business bank account. This American expert normally several accounts.