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.
1 ï¡ The GST Clearing account is always assumed to be a Liabilityâ¦ GST Clearing [L] 8.2 THE GST CLEARING ACCOUNT Debit Credit Liabilities ï¯ ï­ Debit Credit Liabilities ï¯ ï­ Debit Credit Liabilities 2  ï¯ ï­. 4. Â© Michael Allison. 3  Authorâs permission required for external use. Authorâs permission required for external use. ï¡ 2  The GST transactions of the firm are posted to the GST ledgerâ¦ ï¡ From now on, GST transactions are going to be posted to the GST Clearing ledgerâ¦ 8.2 THE GST CLEARING ACCOUNT GST [L] GST Clearing [L]. 3  3. Â© Michael Allison.