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  • Exercises - Vat On Sale of Goods or Property (Problems)

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    Jeane Mae Boo
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    The real estate company Suysan Realty sold a residential lot on January 5, 2015 for a gross selling price of P3,199,200 excluding VAT. The terms of the sale included a 10% downpayment, with 40% of the balance to be paid in 36 equal monthly installments starting January 31, 2015 and the remaining 50% due upon turnover.

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    Exercises_Vat on Sale of Goods or Property(Problems)

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    The real estate company Suysan Realty sold a residential lot on January 5, 2015 for a gross selling price of P3,199,200 excluding VAT. The terms of the sale included a 10% downpayment, with 40% of the balance to be paid in 36 equal monthly installments starting January 31, 2015 and the remaining 50% due upon turnover.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    1K views1 page

    Exercises - Vat On Sale of Goods or Property (Problems)

    Uploaded by

    Jeane Mae Boo
    The real estate company Suysan Realty sold a residential lot on January 5, 2015 for a gross selling price of P3,199,200 excluding VAT. The terms of the sale included a 10% downpayment, with 40% of the balance to be paid in 36 equal monthly installments starting January 31, 2015 and the remaining 50% due upon turnover.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 1

    PROBLEMS

    SALE OF REAL PROPERTIES

    Suysan Realty, a real estate dealer, sold a residential lot on Jan. 5, 2015. The following are the terms of
    the sale:

    Gross Selling Price (excluding VAT) P3,199,200


    Downpayment 10%
    Balance:
    40% in 36 equal monthly installments,
    Starting Jan.31, 2015
    50% upon turnover

    The zonal value of the residential lot was P2,800,000.

    1. What will be the basis of VAT?


    2. How much is the downpayment before VAT?
    3. What is the amount to be paid (ex-VAT) before turnover?
    4. How will the monthly amortization (ex-VAT) be?
    5. What is the total amortizations (VAT-inclusive) during the year of sale?
    6. What is the initial payments?
    7. Is this sale on installment or on deferred-payment basis?
    8. How much is the output tax related to the event on Jan. 15, 2015?
    9. How much is the output tax related to the event on Jan. 31, 2015?
    10. How much is the total output tax related to this sale for 2015?

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