This is why you usually find stalactites and stalagmites in pairs, and sometimes they'll even grow together to form one big column. There are many limestone caves around the world famous for their displays of dripstone, including Carlsbad Caverns in New Mexico, Timpanogos Caves in Utah, Mammoth Cave in Kentucky and Jenolan Caves and Buchan Caves in Australi.
Procedure 1  : GST received from customers: 2  It is a Liability to the Government. 3  You owe it to the Government. 4  Liability is increasing. 5  Credit the GST Clearing Account. 6  GST Paid to Suppliers by your business: 7  It is an asset to you.8  Government has to pay this back to you. If the GST Account has a credit balance. 2  It is a liability. 3  Remit that amount to the Govt. 4  The GST account acts both as an Asset account or Liability account, depending on the balance.
Bad debts and GST relates only to those persons or businesses registered for GST on an invoice basis as those registered on a payments basis only account for GST on what they receive, writes Murray McClennan in this week's Taxing Times.here trade debt is sold for a discounted amount there is no GST deduction for the discount. There are special rules when assets are sold in satisfaction of a debt. The sale of the asset generally is a taxable supply, with the result that GST must be accounted for on the proceeds.