VAT EXERCISES

I. Compute for the following, choose the letter of your answer and indicate it
in your answer sheet.

BONGBONG Store, a VAT registered business has the following data for
the taxable year 2018 which are VAT exclusive:
Domestic sales P1,700,000
Sales returns 150,000
Goods paid to creditor 250,000
Goods withdrawn for use 150,000
Goods consigned 150,000
Freight and insurance 5,000
Purchase of raw materials 65,000
Purchase of supplies 45,000

1. How much is the Output tax?

a. P275,000
b. P252,000
c. P225,000
d. P220,000

2. Referring to #1 facts, how much is the input tax?

a. P12,123
b. P12,321
c. P13,800
d. P21,321

3. Referring to #1 facts, how much is the VAT payable?

a. P262,877
b. P237,679
c. P238,200
d. P212,679
 4. Mr. Bato registered as a value added taxpayer on March 1, 2018. As of
that date, inventory value was P74,000 for income tax purposes. The
value added tax paid on such inventory when purchased was 6,300.
Transitional input tax on the inventory?
a. -0-
b. 6,300
c. 6,727.27
d. 1,480

TOL Corp., a cooking oil manufacturer had the following data during the
month:
a. Gross sales from cooking oil P900,000
b. Purchases of packaging materials from VAT supplier 150,000
c. Coconut purchases from planters 350,000
d. Supplies purchases (VAT supplier) 100,000
e. Office equipment 150,000
f. Operating expenses 200,000

5. Referring to TOL Corp., VAT payable is?

a. P15,000
b. P55,643
c. P96,429
d. P14,000