Consider applicability of sales taxes (including but not limited to the. The election provides for no GST (or HST in the HST provinces) to be payable in respect of the purchase and sale of the assets and reduces the cash.(a) The General Journal Entry to record the basket purchase of assets in the books of King Ltd. Due diligence is a process of conducting investigations, searches and inquiries in connection with a wide range of transactions. "Purchase Price" means the purchase price for the Purchased Assets, as set out in.