A VAT registered person is engaged in the sale of VAT taxable goods and at the same time is alsoengaged in a non-VAT business, in the same business establishment. During the year, total sales ofthe VAT business amounted to P336,000, inclusive of VAT. The sales of the non-VAT businessamounted to P200,000 with a separate percentage tax of P6,000 for a total of P206,000. During thesame quarter, repairs on the building amounted to P50,000 plus VAT of P6,000. Supplies purchasedfor common use amounted to P10,000 plus P1,200 VAT. Purchase of supplies directlyattributable/relatedto VAT-taxable sales amounted to P15,680, gross of VAT. The VAT payableis

The VAT sales, which is also known as the taxable sales, are the sales of goods or services that are…

Answered: A VAT registered person is engaged in…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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A VAT registered person engages in both VAT and VAT exempt business. During the year total sales amounted to P500,000, exclusive of the VAT. Sale of the VAT exempt business amounts toP200,000. During the quarter, the business incurred the following: Input VAT arising from repairs amounting P6,000. On the other hand, input on supplies, for common use amounted P1,200. The creditable input tax is
The following information relates to Swans Ltd, a vendor, and a resident of the Republic, for its tax period (a two-month period) ended 31 December 2022: Supplies of goods made by it subject to value-added tax at the standard rate amounted to R345 000 (R300 000 plus value-added tax of R45 000). Supplies of goods or services made by it subject to value-added tax at the zero-rate amounted to R100 000 (R100 000 plus value-added tax of Rnil). These goods were exported. Supplies of goods or services made by it not subject to value-added tax (exempt) amounted to R30 000 (R30 000 plus value-added tax of Rnil). Input tax of R50 000 was incurred by it for capital goods purchased. Input tax incurred for goods and services supplied to it was R25 000. Second-hand goods (not of a capital nature) were purchased by it from a non-vendor for R23 000 and paid for in cash. A debtor who owed it R69 000 (R60 000 plus value-added tax of R9 000) was liquidated during this period. A first and final…
Here Please note that VAT Percentage in Philippines was 12% in this regard in the calculation of the VAT Payable in this regard as well. Expenses which are related to VAT registration is eligible for the deduction in the total VAT Payable calculation as well. In a taxable period, Mr. C had gross sales, VAT-exclusive, of P425,000. Sales returns and allowances for the same period, and sales discounts availed of by customers amounted to P20,000 and P5,000, respectively. How much is the gross selling price?
A company registered for Value Added Tax (VAT) in the United Kingdom. The following information is available in respect for the quarter ended 31 March 2021: 1. Invoices were issued for sales to VAT registered customers of £16,200 in respect of exempt sales, £5,650 in respect of reduced rate sales and £205,250 in respect of standard rated sales. The reduced rate and standard rated sales figures are exclusive of VAT. 2. Invoices were issued for sales to Non-VAT registered customers of £32,350 in respect of exempt sales and £25,670 in respect of standard rated sales. The standard rated sales figure is inclusive of VAT. 3. On 25 March 2021 the company has received a deposit for standard rated services to be supplied to a VAT registered customer on 31 March 2021. The customer paid the balancing payment on 31 March 2019. The company issued an invoice on 2 April 2021. 4. The sales manager of the company is provided with free fuel for both business and private mileage driven in his company…
A VAT taxpayer had the following sales and purchases during the month:Sales, inclusive of VAT Php 336,000Purchases, exclusive of VAT 250,000Compute the gross income under each of the following independent cases:5. The sale is VAT-exempt.6. The sale is made to the government.
36 ZZZ is engaged in a VAT-business and a non-VAT business. Her records show the following data, no tax included, for the taxable year: Sales From VAT business P 6,000,000 From non-VAT business 4,000,000 Purchases of goods For VAT business from VAT suppliers 3,000,000 For non-VAT business 2,000,000 Purchases from VAT suppliers of supplies used for VAT and non-VAT Business 30,000 Expenses incurred for both VAT and non-VAT business (70% of these expenses were paid to VAT-registered enterprises) 100,000 The VAT payable is:
A VAT-taxpayer made the following sales during the year:Domestic Sales P100,000Export Sales P120,0001. What is the amount subject to business tax?2. Compute the Output VAT.
May Yaman is engaged in a VAT-business and a non-VAT business. Her records show the following data, no tax included, for the taxable year: Sales From VAT business P6,000,000 From non-VAT business 4,000,000 Purchases For VAT business from VAT suppliers 3,000,000 For non-VAT business 2,000,000 Purchases from VAT suppliers of supplies used for VAT and non-VAT business 30,000 Expenses incurred for both VAT and non-VAT business (70% of these expenses were paid to VAT-registered enterprises) 100,000 The VAT payable is: Group of answer choices
Atimonan Company received a bill for P27,440 from a VAT service provider. The payment for the service is subject to 2% creditable withholding tax. If Atimonan is a VAT taxpayer and a top withholding agent, what is the deductible expense? What respectively is the withholding tax and the amount of cash to be paid by Atimonan to the service provider?
On July 10, Kelt Company, a business located in Alberta, purchased $45,000 of inventory for resale on account. On July 25, Kelt recorded the sale of that merchandise on account for $50,000 plus tax. On August 10, Kelt remitted GST to the Receiver General. They had no other sales or input tax credits. Journalize all three transactions.
Rainy-day Ltd is a company registered for Value Added Tax (VAT) in the United Kingdom. The following information is available in respect of Rainy-day Ltd’sVAT for the quarter ended 31 March 2021: 1. Invoices were issued for sales to VAT registered customers of £16,200 in respect of exempt sales, £5,650in respect of reduced rate sales and £205,250 in respect of standard rated sales. The reduced rate and standard rated sales figures are exclusive of VAT.2. Invoices were issued for sales to non-VAT registered customers of £32,350in respect of exempt sales and £25,670 in respect of standard rated sales. The standard rated sales figure is inclusive of VAT.3. On 25 March 2021 Rainy-day Ltd received a deposit for standard rated services to be supplied to a VAT registered customer on 31 March 2021. The customer paid the balancing payment on 31 March 2019. Rainy-day Ltd issued an invoice on 2 April 2021.4. The sales manager of Rainy-day Ltd is provided with free fuel for both business and…
A. The following data were gathered pertaining to the business of person for a taxable quarter in 2018: Vat-registered Taxable sales P1,200,000 Zero-rated sales P600,000 Exempt Sales P450,000 Input tax- taxable P67,500 Input tax- zero rated P15,000 Input tax-exempt P22,500 Input tax that cannot be attributed specifically to any transaction, P30,000. Assuming all applicable input taxes are to be claimed as credits against output ta es, the VAT payable is:

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