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Solution VAT JE Problem 3

Vat sample

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Kristine Ivy
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44 views

Solution VAT JE Problem 3

Vat sample

Uploaded by

Kristine Ivy
Copyright
© © All Rights Reserved
Available Formats
Download as PDF, TXT or read online on Scribd
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March Date Accounts Titles and Explanation Debit Credit

4 Purchase (9,000x95%) 8,550


Input VAT (8,550 x 12%) 1,026
Accounts Payable 9,576
to record the purchases

6 Freight In (1,344x100/112) 1,200


Input VAT (1,344 x 12/112) 144
Cash 1,344
to record payment for freight

8 Accounts Receivable 19,040


Sales (19,040 x 100/112) 17,000
Output VAT 2,040
to record the sale to Susan Velasco

Freight Out 605


Cash 605

10 Purchases (12,000 x P5.50) 66,000


Input VAT (66,000x12%) 7,920
Accounts Payable 73,920
to record the purchase from HK

15 Cash 19,040 x 98% 18,659


Sales Discount (19,040x2%) 381
Accounts Receivable 19,040
to record collection from Susan with discount

19 Accounts Receivable (5 x 1,680) 8,400


Sales (8,400 x 100/112) 7,500
Output VAT (8,400 x 12/112) 900
to record sales to David

Frieght out 336


Cash 336

20 Sales Return (560x100/112) 500


Output VAT (560 x 12/112) 60
Accounts Receivable 560

22 Accounts Payable (73,920/2) 36,960


Cash (36,960x99% 36,590
Purchase Discount (5,500x1%) 370

25 Cash (5,500x98%) 5,390


Sales Discouns 110
Accounts Receivable 5,500

28 Accounts Payable 9,576


Cash (9,576 x98% 9,384
Purchase Discount 192

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