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1. Mr.

Talib, with a will, died leaving the following properties and obligations to his
heirs:
Condominium, Cebu City
Appliances, Talisay City, Cebu
Residential House and Lot, Talisay City, Cebu
Jewelry-used by Mr. Talib
Patent-Philippines
Patent-Korea
BMW Car-Japan
Cost of burial
Cost of tombstone, including upkeep of 5,000
Cost of coffin
Judicial expenses
Extrajudicial expenses
Hospital Bills

8,000,000
300,000
2,000,000
200,000
300,000
400,000
1,000,000
50,000
20,000
80,000
30,000
10,000
600,000

Compute the net taxable estate.


a. 10,055,000
c. 8,155,000
b. 9,155,000
d. 9,100,000
2.

Shares of stock of PLDT Corp, kept in safe in Korea


100,000
Shares of Coca-cola Company with business situs in Philippines
50,000
Shares of stock of Pepsi Corp with 85% of business located in Japan
200,000
How much will be included in the gross estate if the decedent is a non-resident
alien without reciprocity?
a. 350,000
c. 250,000
b. 150,000
d. 300,000
3. Mr. Pats died leaving real property with the following valuations:
Fair value of property at time of death 1,200,000
Zonal Value
1,300,000
Adjacent price of property
1,500,000
How much is to be included in the gross estate of Mr. Pats?
a. 1,200,000
c. 1,500,000
b. 1,300,000
d. neither of the choices
4. Assuming a decedent has Php 1,000,000, how will this be distributed to his/her
heirs and assume further that the decedent died with a will?
Legitimate son
Surviving Spouse Parents
Free Portion
a.
500,000
500,000
0
0
b.
500,000
250,000
250,000
0
c.
500,000
250,000
0
250,000

d.

250,000
250,000

250,000

250,000

5. Mr. Taxikad, a non-resident citizen, died with the following property and data:
Net estate, Philippines
1,000,000
Net estate, Korea
600,000
Net estate, Japan
400,000
Estate tax paid to Korea 25,000
Estate tax paid to Japan 15,000
Compute for the tax credit for foreign estate taxes paid.
a. 27,000
b. 26,500
c. 27,500
d. 26,000
6. Mr. Han, a Japanese residing in Tokyo, Japan, died leaving the following
properties:
Property located in the Philippines
500,000
Property located in Japan
1,000,000
His administrator in the Philippines claimed the following deductions:
Cremation expenses
10,000
Cost of urn
5,000
Judicial expenses
20,000
Indebtedness incurred in the Philippines
85,000
How much is the net taxable estate?
a. 460,000
b. 380,000
c. 1,380,000
d. 1,460,000
7. Mr. Bruce Bishop, a citizen and resident of New South Wales, Australia, died
leaving properties and obligations in Australia and in the Philippines.
Properties in Australia (including family home of 1,000,000)
3,000,000
Properties in the Philippines
1,000,000
Funeral expenses in Australia
250,000
Unpaid obligations in Australia
700,000
Medical expenses in the Philippines
200,000
How much is the net taxable estate in the Philippines?
a. 1,000,000
b. 800,000
c. 775,000
d. 0
8. Mr. Bueno, a married Filipino citizen, died in a car accident. He left his wife with
their residential house with a fair value of 1,000,000. The lot on which it stands,
having a fair value of 400,000, is Mr. Buenos exclusive property.
How much is the allowable deduction for family home?
a. 1,400,000
b. 1,000,000
c. 900,000
d. 700,000

9. Mr. Solomon, a non-resident citizen, died on June 1, 2009 on a plane crash. He left
his wife the following properties and charges thereon. The property relationship in
the marriage was the conjugal partnership of gains.
Family home:
Residential house, constructed during marriage
900,000
Residential lot, inherited before marriage
450,000
Household furniture and appliances
490,000
Receivable from an insolvent friend
10,000
Cash, owned before marriage
150,000
Other properties owned before marriage
1,000,000
Medical expenses
120,000
Funeral expenses
100,000
Judicial expenses
120,000
Unpaid mortgage
50,000
Unpaid taxes
20,000
Legacy to Brgy. Ermita, Cebu City
50,000
Loss of household furniture and appliances
on December 24, 2009 due to robbery
12,000
How much is the net taxable estate?
a. 200,000
b. 830,000
c. 630,000
d. 80,000
10. Mr. Hanes, a non-resident alien, died with the following information:
Gross Estate
Deductions
Estate Tax Paid
Philippines
2,000,000
400,000
London
5,000,000
600,000
50,000
How much is the estate tax due after tax credit?
a. 103,000
b. 27,467
c. 53,000
d. 29,429
11 12. The following were donations all on one date:
Real Property in the Philippines
Real Property in Kazakhstan
Tangible Personal Property in the Philippines
Intangible Property in Russia
Intangible Personal Property in Maldives
Intangible Personal Property in England
Intangible Personal Property in Manila
Intangible Personal Property in Davao

P 15,000,000
P 28,000,000
P 5,000,000
P 1,850,000
P
600,000
P
450,000
P
800,000
P
150,000

11. Calculate the Gross Gifts, if the donor is a citizen or a resident of the Philippines?
a.
b.
c.
d.

P
P
P
P

51,650,000
51,850,000
51,930,000
51,800,000

12. Calculate the Gross Gifts, if the donor is neither a citizen nor a resident of the
Philippines?

a.
b.
c.
d.

P
P
P
P

20,950,000
20,800,000
20,900,000
20,850,000

13 14. Don Estephanio de la Victoria y Maglasang donated the following during


2011:
Date
Jan. 10

Mar. 15

Description
House and Lot to Sunshine, his legally
adopted daughter, on account of her marriage
25,965,000

Market Value
P

Lamborghini to Christine June, his legally


Adopted daughter on account of her debut

22,050,000
Apr. 30

Cash to Ms. Aloyon, his secretary, on account


of her birthday. On condition that P 80,000
shall be given to charity.

250,000
May 10

Vintage and antique items to Don Fausto, his uncle


on account of gratitude
P

1,780,000
13. What is Don Estephanio de la Victoria Y Maglasangs donors tax due on his
donation on May 10, 2011?
a.
297,250
b.
204,750
c.
267,000
d.
265,000
14. What the donors tax due on his gifts to strangers?
a. 75,000
b. 4,000
c. 10,000
d. 51,000
15. Mr. and Mrs. Allan and Charisse Paran made donations out of their conjugal
properties to the following:
Date
Feb. 14
13,115,000

Donee

Property
Donated

To Berna, daughter and Mario, her


groom on their marriage last Jan. 30

Fair Market
Value

Beach Estate
in Palawan
P

Apr. 10
285,000

To Phil. National Red Cross (PNRC)

Cash

Apr. 11
3,157,000

To the Province of Samar

May 13

To Rojie, Mrs. Parans brother as gift


for Rojies birthday

Cash

P
Condo unit
P

1,950,000
Jun. 10
P

To Mayor Benculado as gift for his


99,000
Wedding Anniversary

Sept. 15

To Andrea Loraine, Mr. Parans sister,


for topping the Bar Examinations,

Cash

Cash
P

45,950
provided that P 5,850 must be donated to
charity
What is the donors tax payable by Mrs. Charisse Paran on her latest donation to
strangers?
a. 6,892.50
b. 6,015
c. 12,030
d. 13,785
16 - 17. Mr. Grey donated the following items to his friends because it was his
birthday.
Receivable from a friend in Australia
Receivable from a neigbhor in Cebu
Jordan shoes in USA
Truck in Lilo-an
Alta vista house and lot in Pardo
Land in Nevada
16. How much is gross gift if Mr. Grey is a citizen?
a. 11,670,000
b. 5,560,000

90, 000
60, 000
20, 000
500, 000
5,000, 000
6,000, 000
c. 5,500,000

d. 6,120,000

17. How much is gross gift if Mr. Grey is a non-resident alien?


a. 11,670,000
b. 5,560,000
c. 5,500,000

d. 6,120,000

18 19. Mr Blues sons are getting married. He donated the following for his sons to
start their own lives with their own families.
Cash in bank - Davao
To eldest son
Cash in bank - Lapu-lapu
To houseboy considered as son

40, 000
20, 000

Cash in bank - Cebu


To adopted son
To Sto. Nino church for presiding the wedding

8,000
300, 000

18. How much is deductions from gross gift if Mr. Blue is a citizen?
a. 338,000
b. 368,000
c. 318,000
d. 300,000
19. How much is deductions from gross gift if Mr. Blue is a non-resident alien?
a. 338,000
b. 368,000
c. 318,000
d. 300,000
20. Mr. Green donated the following to his 3 rd degree cousin.
Land in China
200, 000
Car in Philippines
150, 000
Land in Cebu with mortgage of 80, 000 100, 000
Chinese donors
60, 000
Compute for the tax still due if Mr Green is a citizen of Philippines.
a. 57,081
b. 36,000
c. 6,800
d. 0
21. Mr. Abella, a seller of merchandise, had the following transactions of goods,
inclusive of VAT, during the third month of his business:
Sales on account
P 336,000
Goods out on consignment January 10
112,000
February 15
224,000
March 10
168,000
With the given information above, what is the output tax?
a. 100,800
c. 54,000
b. 90,000
d. 48,000
22. Mrs. Villaver Company, a first-time VAT-registered person, engages in the sale of
goods. The following data are present as of January:
Beginning inventory (inclusive of VAT)
P 477, 120
Actual VAT paid on the inventory
26, 000
Purchases (inclusive of VAT)
95, 200
Among the beginning inventory in January, 20% of the total inventories were
purchased from a non-VAT registered seller.
How much is the input tax creditable to the output tax of Mrs. Villaver Company?
a. 68, 678.40
c. 36, 200.00
b. 10, 200.00
d. 15, 600.00
23. Antonio Company is engaged in manufacturing of noodles. The information
below pertains to transactions happened in the month of January 2014:
Purchases during the month wheat and starches from farmers
P 896,
000
Purchases from VAT suppliers
Packing materials
96, 320
Supplies
69, 440
Sales
618, 240
In the given information, what is the value-added tax payable for the month of
January?

a. 66, 240
b. 53, 600

c.
d.

12, 640
0

24. Way Ayu Corporation has the following sales during the month:
Sales subject to 12%VAT
P
112, 000.00
Sales subject to 0%VAT
100,000.00
Sales of VAT-exempt goods
100,000.00
Total sales for the month
P
400, 000.00
The following input taxes were passed on by its VAT suppliers:
Input taxes on taxable goods (12%)
Php 12,000.00
Input tax on zero-rated sales
3,000.00
Input tax on sale of exempt goods
2,000.00
Compute the total input tax creditable against output tax for the
month
a. 17, 000
c. 10, 000
b. 15, 000
d. 12, 000
25. Balansag Company, engaged in the sale of variety of goods, has the following
purchases for the month of first quarter of 2014:
Purchases (for his Sari-sari store):
Fresh eggs
P 150, 000
Dried fish
300, 000
Sacks of Rice
600, 000
Refined Sugar
616, 000
Junk Foods
16, 800
Softdrinks
392, 000
Sales
85% of each product was sold and for each product the selling price was based on
20% mark-up on cost.
How much is the total input tax?
a. 109, 800
c. 190, 400
b. 248, 976
d. 230, 780
26. Stephenatics Realties is into selling and leasing of real estate properties. The
transactions during the year 2014 include (all amounts are exclusive of taxes):
UNITS
UNIT COST
SALE:
Commercial Space
10
1,199,500
Residential Lot
13
1,919,500
Residential House and Lot15
10,000,000

Condo Units
Low Cost Housing

20
10

4,000,000
1,200,000

UNITS

MONTHLY RENTAL

LEASE:
Commercial Space
12
Residential House and Lot11
Condo Units
10

13,000
15,000
12,800

How much is the output VAT of Stephenatics Realties for 2014?


a. 29,277,000
c. 29,461,320
b. 29,039,400
d. 32,271,420
27 - 29. Mr. A, a VAT registered person purchased capital goods, considered as
depreciable assets to be used in the production of goods from Mr. B.

Building
months
Machinery
months
Equipment
months
27. How much is the output tax?
a. 626,237
b. 559,140

Acquisition Cost
(Invoice Price)
2,149,840

Useful Life
96

2,004 800

36

1,064,000

60

c. 445,140
d. cannot be determined

28. Compute for the input tax based on the foregoing transaction.
a. 626,237
c. 445,140
b. 559,140
d. some other answer
29. The monthly amortization of tax input is
a. 10,226
c. 9,806
b. 11,706
d. some other answer
30 32. Tawantawan Corporation sold a parcel of land with the following data:
Consideration stated
3,136,000
Zonal Value
2,500,000
Appraisal Value
3,000,000
Mortgage assumed by the buyer
400,000
Cost to seller
380,000
Cash Payments:
Down Payment
1,136,000

Installment Due (for the next 5 years)


Creditable Input Tax (current year)

320,000
120,000

30. Compute for the output tax of Tawantawan Corporation.


a. 360,000
c. 164,571
b. 336,000
d. some other answer
31. Amortization of Output VAT
a. 176,327
c. 0
b. 164,571
d. some other answer
32. VAT Liability for the first year (current year)
a. 240,000
c. 44,571
b. 216,000
d. some other answer
33. Mr. Tristan imported a car from London for his personal use. Total landed cost is
800,000 including customs duties of 75,000. How much is the VAT payable?
a. 87,000
b. 96,000
c. 10,000
d. 0
34. Mercado Construction Corporation, a VAT registered general construction
company imports construction equipments from Japan.
Invoice cost, Japan ($1 : P44)
$7,500
Value per Bureau of Customs
P340,000
Customs duties
35,000
Freight and insurance
17,000
Assuming the customs duties were based on the quantity of the goods imported,
the VAT due on the importation is
a. P46,660
b. P52,260
c. P45,840
d. P46,050
35. A VAT registered auto repair shop had the following data during the period:
Receipts:
From auto repair
85,620
From washing and greasing
45,425
Reimbursement by customer on
payments made to VAT machine shops
4,350
Payments received for lubricants, oils and
fluid provided by the shop to cars undergoing repairs
5,780
Disbursements:
Electric bill
3,550
Water bill
2,380
Salaries of employees
15,000
Payments made to machine shops, non-VAT 4,350
Purchase of lubricants, oils and fluids
3,000
How much is the output tax?
a. 16,419
b. 12,753
c. 16,941
d. 14,660

36. Mea Man operates (2) passenger jeepneys, (3) taxi cabs, and (5) cargo trucks.
During December, the gross receipts are as follows:
From passenger jeepneys:
Jeepney No. 1
P25,000
Jeepney No. 2
35,000
P
60,000
From taxi cabs:
Taxi No. 1
34,000
Taxi No. 2
33,000
Taxi no. 3
33,000
100,000
From transport of cargo
Truck No. 1
300,000
Truck No. 2
420,000
Truck No. 3
330,000
Truck No. 4
360,000
Truck No. 5
390,000
1,800,000
From rental of its cargo trucks to individual lessees
230,000
During the month, one of the taxi cabs was bumped by another taxi cab owned by
Ingit Tera and paid Mea Man P15,000 for the damage done.
The percentage tax due on Mea Man is _________.
a . 4,800
c. 1,350
b. 10,950
d. 2,700
37. Fresh Water Company is a holder of a franchise to engage in the business of
supplying water to several towns and cities in Cebu. As recorded in its books during
November, its total gross receipts from the sale of water amounted to P 3,050,000,
while the receipts from the rental of its equipment wa P 300,000 and its other
services was P 50,000. The operating expenses amounted to P 2,010,000; 10% of
which was paid to VAT registered persons.
What is its percentage tax due?
a. 61,000
c.
24,820
b. 7,200
d. 91,500
38. Jumega Ambisyosa operates the Impossible Dream Coliseum. During February, it
has the following gross receipts from the various activities:
Valentine concert by Annie Cortes
P 1,500,000
PBA championship game
1,600,000
UAAP basketball game
100,000
Billiard
300,000
Boxing exhibitions
2,300,000
What is the percentage tax payable by Jumega Ambisyosa on the
coliseum?
a. 240,000
c. 485,000
b. 390,000
d. 470,000

39. Madrama Insurance Company, a domestic corporation, had the following


collections from insurance premiums during the month:
Property insurance
P 3,000,000
Health and accident insurance
2,840,000
Life and disability insurance
2,100,000
Car insurance
1,300,000
Truck insurance
1,500,000
What is the percentage tax due?
a. 537,000
c. 247,000
b. 105,000
d. 142,000
40. Madis Karte had the following transactions of shares of stock:
Selling Price
Cost
Sales:
Lala Corporation, traded
30,000
25,300
Mama Corp., traded
59,870
49,700
Nana Corp., not traded
123,820
103,850
Papa Corp., traded
90,640
83,530
Purchases:
Sasa Corp., not traded
35,040
Tata Corp., not traded
43,675
Wawa Corp., traded
61,090
What is the total percentage tax on the above transactions?
a. 597.10
c. 109.90
b. 902.55
d. 415.35

1. B

ANSWER KEY

Gross Estate:
Condo
8,000,000
Appliances
300,000
RH and L
2,000,000
jewelry
200,000
Patent-phils
300,000
Patent-korea
40,000
BMW-Japan 1,000,000
Gross Estate 11,840,000
Deductions:
Ordinary:
Funeral Expenses

Actual
5% of GE
Limit

Judicial Expenses
Special:
Standard
Family Home
Medical Expenses Actual
Limit
Total Deductions

145,000
592,000
200,000

145,000
40,000
1,000,000
1,000,000

600,000
500,000

500,000
2,685,000

Gross Estate
11,840,000
Less: Deductions
2,685,000
Net Taxable Estate 9,155,000
2. B
Shares of stock of PLDT 100,000
Shares of stock of Coca-cola
50,000
Inclusion in gross estate 150,000
3. B
4. C

to Primary heirs (Legitimate son/daughter and descendants)


of share of children for surviving spouse
0 if there is/are primary heirs for parents, same share with surviving spouse
Excess is for free portion for free disposal

5. C
Philippine estate tax:
On 500,000
15,000
Excess 8%
40,000
Estate tax
55,000

Allowable tax credit:


Limit 1
Korea
(600,000/2,000,000 x 55,000)
Actual
Allowed

16,500
25,000
16,500

Japan
(400,000/2,000,000 x 55,000)
11,000
Actual
12,000
11,000
Total Limit 1
27,500
Limit 2
(1,000,000/2,000,000 x 55,000)
27,500
Actual
37,000
Allowed
27,500
Tax credit to be deducted (lower of Limit 1 and limit 2)

27,500

6. A
The decedent is a non-resident alien.
His gross estate includes only those located in the Philippines.
Gross Estate
500,000
Less: Deductions:
Funeral expenses 15,000
Judicial expenses 20,000
Indebtedness
85,000
Total
120,000
Limit: 500,000/1,500,000 x 120,000
40,000
Net Taxable Estate
460,000
7. C
Gross Estate, Philippines
1,000,000
Less: Deductions:
Funeral expenses:
Actual
250,000
Allowed
200,000
200,000
Unpaid obligations
700,000
Total
900,000
Limit: 1,000,000/4,000,000 x 900,000
225,000
Net Taxable Estate
775,000
A non-resident alien decedent has no deduction for standard deduction,
medical expenses and family home.
8. C
Family Home:
Exclusive lot
Conjugal home (1,000,000/2)
Total

400,000
500,000
900,000

9. D
Exclusive
Conjugal
Total
Gross Estate:
Family home:
House
Lot
450,000
Household furniture and appliances
Claim against insolvent person
Cash
150,000
Other properties
1,000,000
Total
1,600,000
Ordinary Deductions:
Funeral expenses
Judicial expenses
Unpaid mortgage
Unpaid taxes
Legacy
50,000
Claim against insolvent person
________
Total
50,000
Net Estate
1,550,000
2,650,000
Special Deductions:
Standard deduction
1,000,000
Medical expenses
120,000
Family home
Exclusive
450,000
Conjugal (900,000/2)
450,000
900,000
Net Estate
630,000
Less: Net Share of Surviving Spouse
(1,100,000/2)
550,000
Net Taxable Estate
80,000

900,000
490,000
10,000
________
1,400,000
100,000
120,000
50,000
20,000
10,000
300,000
1,100,000

10. A
Gross Estate, Philippines
2,000,000
Less: Deductions
400,000
Net Estate
1,600,000
Estate Tax on 500,000
15,000
on excess ( 1,100,000 x 8%)
88,000
Estate Tax Due
103,000
A non-resident alien is not entitled to tax credit.
11. B
12. A

Citizen or

Non-

Resident

Not citizen

resident,
Real Property in the Philippines
15,000,000
Real Property in Kazakhstan
Tangible Personal Property in the Philippines
5,000,000
Intangible Property in Russia
Intangible Personal Property in Maldives
Intangible Personal Property in England
Intangible Personal Property in Manila
800,000
Intangible Personal Property in Davao
150,000
Gross Gifts
20,950,000

P 15,000,000

P 28,000,000
P 5,000,000

P 1,850,000
P
600,000
P
450,000
800,000

150,000

P 51,850,000

13. C
14. D
Non-Strangers:
May 10

Gross Gift:
Vintage and antique items
Less: Deductions
Net Taxable Gift
Add: Prior Net Gifts
Jan. 10
House & Lot
Less: Deductions-dowry

P 1,780,000
0
1,780,000
P 25,965,000
10,000

25,955,000
Mar. 15

Lamborghini
Less: Deductions
Aggregate Net Gifts

P 22,050,000
0 22,050,000
P

49,785,000
Donors tax on P 10,000,000

1,004,000
Tax on excess (49,785,000-10,000,000) x 15%
5,967,750
Donors Tax on Aggregate Net Gifts
6,971,750
Less: Donors Tax on all Prior Net gifts
Donors Tax on Current gift

6,704,750
P

267,000
Strangers:
Apr. 10

Gross Gift: Cash to his secretary, a stranger

250,000

Less: Deduction- diminution by the donor


80,000
Net Taxable Gift
Multiply by donors tax rate applicable for strangers
Donors tax due
P

170,000
30%
51,000

15. B
Gross Gift (45,950/2)
Less: Exemption (5,850/2)
Net Gift
Multiply by DT rate to Strangers
Donors Tax due

P 22,975
2,925
20,050
30%
P 6,015

16. A
17. B
Citizen
Land-Nevada
H&L- Pardo
Truck-Lilo-an
Jordan shoes-USA
Receivable-neighbor
Receivable-friend in Australia
Gross gift

Non resident alien

600, 000
5,000, 000
500, 000
20,000
60, 000
90, 000
11,670,000

5,000, 000
500, 000
60, 000
________
5,560, 000

18. C
19. D
Deductions from gross gift
Citizen
Cash in bank-Davao
10, 000
Eldest son
Cash in bank Cebu
8,000
Adopted son
To sto. Nino church 300, 000
Cash
Deductions from gross gift
318, 000
20. A
Land in China
200, 000
Car in Philippines 150, 000
Land in Cebu
100, 000
Mortgage payable-land Cebu-80, 000
Gross gift
320, 000
Donors tax rate- stranger x
30%
Donors tax
96, 000
Less: Tax credit
38, 919

Non- resident alien

300, 000
300, 000

Actual paid 60, 000


150, 000
370, 000 X 96, 000 = 38, 919
Donors tax still due
-

57, 081

21. D
22. C
23. C
Output tax (618, 240 x .12/1.12)
P 66, 240
Less: Input taxes:
Presumptive input tax (896, 000 x .04)
35, 840
Purchase on packing materials (96, 320 x .12/1.12) 10, 320
Supplies
(69, 440 x .12/1.12)
7, 440
53, 600
Value-added tax payable
P 12, 640
24. B
Input taxes on taxable goods (12%)
P 12, 000
Add: Input tax on zero-rated sales
3, 000
Total Input Tax
15, 000
Input tax from a purchase of goods in a zero-rated transaction is allowed to credit
such input tax against the output tax of the company. But, in an exempt transaction,
input tax is not allowed to be credited against the output tax.
25. A
Purchases
Refined Sugar (616, 000 x .12/1.12)
Junk Foods (16, 800 x .12/1.12)
Softdrinks (392, 000 x .12/1.12)
Total Input Tax

66, 000
1, 800
42, 000
P109, 800

26. A
27. D
Cannot be determined since it was not stated how much was the sales for the
period.
28. B
Input VAT:
Building
Machinery
Equipment
Total

2,149,840/1.12x12% = 230,340
2,004,800/1.12x12% = 214,800
1,064,000/1.12x12% = 114,000
559,140

29. C
Monthly Amortization:
Building
Machinery
Equipment

230,340/60 = 3,839
214,800/36 = 5,967
not amortized _____

Total

9,806

30. A
Initial payments
Consideration stated

= 1,136,000+400,000+20,000-400,000
3,136,000
= 36.86% (Deferred basis)
Output Tax = 3,000,000x12%
= 360,000

31. C
No amortization since it is on a deferred basis.
32. A
VAT Liability
Output Tax
360,000
Less: Creditable Input Tax
120,000
VAT Liability
240,000
33. B
Total landed cost
X
VAT payable

800,000
12%
96,000

34. C
Invoice cost (7,500 x 44)
Add: Customs duties
Freight and insurance
Landed cost
X
VAT

P330,000
P35,000
17,000

52,000
382,000
12%
P45,840

35. A
Receipts from auto repair shop
Receipts from washing and greasing
Payment received for lubricants, etc.
Total gross receipts
X
Output tax

85,620
45,425
5,780
136,825
12%
16,419

Receipts from 2 passenger jeepneys


Receipts from 3 taxi cabs
Total receipts
Rate of tax
Common carriers tax

P 60,000
100,000
160,000
x
3%
4,800

36. A

37. A

Gross receipts- sale of water


Rate of tax
Franchise tax

P 3,050,000
2%
61,000

38. D
PBA championship game P 1,600,000 x 15% = 240,000
Boxing exhibitions
2,300,000 x 10% = 230,000
Amusement tax
470,000
39. C
Health and accident insurance
Life and disability insurance
Total collections on life insurance
Rate of tax
Percentage tax
40. B
Mama Corp.
P30,000
Nana Corp.
59,870
Papa Corp.
90,640
Gross Selling Price 180,510
Rate of tax
x 0.5%
Percentage tax
902.55

P 2,840,000
2,100,000
4,940,000
5%
247,000