Scribd
Upload
3K views3 pages

Tax Prob

The document provides details on 7 problems involving calculating value added tax (VAT) payable for various businesses. The problems include information on sales, purchases, inventory, and other transactions. The required element for each problem is to determine the VAT payable based on the data provided.

Uploaded by

John Paul Acebedo
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
3K views3 pages

Tax Prob

The document provides details on 7 problems involving calculating value added tax (VAT) payable for various businesses. The problems include information on sales, purchases, inventory, and other transactions. The required element for each problem is to determine the VAT payable based on the data provided.

Uploaded by

John Paul Acebedo
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
You are on page 1/ 3

BUSINESS TAXATION

(VALUE ADDED TAX)

PROBLEM 1

Conanan is a Vat registered taxpayer. It had the following data for the month
of January (Vat inclusive):
Cash sales, invoice amount 660,800
Sales on account 246,400
Purchases 291,200
Consignment shipments
Less than 60 days 38,500
More than 60 days 22,400
Goods paid to creditors(dacion en pago) 16,800
Goods given as Christmas gift to employees 19,040
Property dividend to stockholder 8,960

Required: Compute for the vat payable for the month

PROBLEM 2

ABC Corporation (vat registered) has the following data for the month of
March:
Gross Sales(vat exclusive) 8,000,000
Sales return 400,000
Goods shipped on consignment (net)
Units Unit Price
March 25 40 10,000
February 14 30 10,000
January 8 20 10,000

Goods withdrawn for use by the company 50,000


Goods taken as payment to creditor 30,000
Purchases for the month(net of vat)
Goods 600,000
Supplies 75,000
Capital Goods (useful life = 4 years) 1,100,000
Freight and insurance 8,500
Salaries of employees 385,000

Additional Information
- Received cash representing payment for 10 units delivered on February
14. The amount received was net of ten percent commission.
- A consignee reported and remitted 200,000 gross of 10% commission
representing 20 units sold from goods consigned in march

Required: Determine the Vat Payable for the Month of March


PROBLEM 3

Bobs Bookstore, vat registered, is engaged in the business of selling books,


school supplies, and gift items. The following were provided to you during the
month of October (inclusive of vat, if applicable)
Sale of school supplies 1,680,000
Sale of books 1,200,000
Sale of gift items 1,008,000
Purchase of school supplies and gift items 1,344,000
Purchase books 600,000
Purchase of computers to be used in business 448,000
Purchase of office supplies to be used in business 200,000
Required: Determine the Vat Payable for the Month of October

PROBLEM 4

The following data during the month relates to William Company, a Vat
registered person (amounts are vat inclusive)

Domestic sales 330,000


Domestic sales to export traders 274,996
Export sales 200,000
Purchases of goods for domestic sales 374,000
Purchases of supplies on domestic sales 69,848
Purchase if service 154,000
Purchase of goods for export 55,000

Required: Determine the Vat Payable for the month

PROBLEM 5

The following data (vat exclusive) are available for the first 2 quarters of
2018

1st quarter
Sales 3,000,000
Purchases 1,200,000
Purchase of machinery on January 1
with useful life of 3 years 2,500,000
Unused input vat as of end of 2017 125,000
2nd quarter
Sales 4,800,000
Purchases 3,000,000

Required:
Determine the Vat Payable for the 1st quarter and 2nd quarter respectively
PROBLEM 6

An owner of warehouse, which used to be vat exempt, because its annual


receipts never exceed the vat threshold, decided to register under the vat
system on January 2, 2018. The following data were from the 1st quarter ending
March 31, 2018

Rental from warehousing services, net of vat 336,000


Purchase of supplies in February, gross of vat 112,000
Inventory of supplies, January 1, 2018 100,000
Vat on Inventory 10,000
Required: Determine the Vat Payable for the Quarter ending March 31, 2018

PROBLEM 7
LMS is a vat registered processor of sardines. The following data were
provided for purposes of determining the taxpayer’s vat payable
Sales (processed sardines, exclusive of vat) 800,000
Purchases/Payments
Sardines purchased from fish dealers (invoice) 200,000
Tomatoes purchased from farmers 85,000
Purchase of olive oil (invoice) 67,200
Purchase of can containers (vat exclusive) 25,000
Payments for paper labels (vat exclusive) 12,000
Purchase of cardboard for boxes (invoice) 8,960
Payments for hauling services from non vat registered 100,000

Required: Determine the vat payable

You might also like