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.
Accounting for the GST. It is generally accepted that the GST collected and the GST paid should not be treated as part of revenue and expenditure of the church but rather as an asset or liability when collected or paid. This would generally be achieved by using clearing accounts.he tract supplier has collected $100 GST on behalf of the government and Bluewater can claim an input tax credit for this amount. The Taxation Office therefore owes Bluewater $100 in relation to the acquisition of the tracts. This amount will be paid to Bluewater once the BAS for that period has been lodged.