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Rona - Assignment On Input Tax

Assignment on Input Tax

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25 views

Rona - Assignment On Input Tax

Assignment on Input Tax

Uploaded by

07310141
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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JOHN RAY G.

RONA BSA-3 BUSINESS TAX


Assignment:

1. BTK Corp. has the following sales (VAT exclusive) during the month of November 2023:
Sale to private entities
Subject to 12% VAT P 140,000
Subject to 0% VAT 70,000
Sale of Exempt Goods 90,000
Sale to government 75,000
Sale to GOCC 25,000

The following input taxes were passed on by its VAT suppliers:


Input tax on taxable goods P 5,000
Input tax on zero-rated sales 3,000
Input tax on sale of exempt goods 2,000
Input tax on sale to government 4,000
Input tax on current purchase of depreciable
capital goods not attributable to any specific
activity (useful life is 8 years) 20,000

How much is the VAT still payable if the input tax on the zero-rated sales is claimed as a refund?

Sale to private entities


Sales Subject to 12 Vat 140,000 X 12 % = 16,800
Sales Subject to 0 VAT 70,000 x 0 % = 0
Sales to Exempt Goods = Exempt
Sales to Government 75,000x12% = 9,000
Sales to GOCC 25,000 x 12% = 3,000
Output VAT 28,800
Less: Input VAT
Taxable Goods (5,000)
Zero-Rated Sales None
Exempt Goods None
Government (4,000)
Capital Goods:
Taxable Goods (7,000)
Zero-Rated Sales -
Government (3,750)
GOCC (1,250)
Total (21,000)
Less: Creditable 5%
Sales to Government (3,750)
Sales to GOCC (1,250)
VAT Still Payable P2,800___

2. Tim Corp. has the following sales during the 1st quarter of 2022:
Sales Traceable Input VAT
Sale to private entities P 2,500,000 P 120,000
Sale of Exempt Goods 1,500,000 40,000
Sale to government 1,000,000 60,000
Total P 5,000,000 P 220,000

In addition, total input tax on the purchase of depreciable capital goods at the start of the
quarter amounting to P160,000 was not directly attributable to any of the above sales. It has a useful
life of 7 years. Also, VAT of P30,000 was remitted to the BIR during the first two months of the
quarter. How much is the VAT still payable?

Output VAT: Sales less exempt goods (3,500,000 x 12%) 420,000


Less: Input VAT: P120,000 + 60,000 (180,000)
Capital Goods
Private Entities (80,000)
Government (32,000)
Creditable (5%)
Government (50,000)
Total Input (342,000)
Net: VAT Payable 78,000
less: VAT Previously remitted (30,000)
VAT Still Payable P 48,000

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