Professional Documents
Culture Documents
Cruz
Cash Sales 200,000
Open Account Sales 100,000
Consigned goods - April 15 100,000
Total 400,000
VAT 12%
Output Tax 48,000 B
Isaac company
Output Tax (469,000 x 3/28) 50,250
Less: Input Tax
Purchases(57,400 x 3/28) 6,150
Actual VAT paid 16,000 22,150
VAT payable 28,100 B
Ginatan Company
Output Tax:
Account Receivables 16,800
VAT 3/28
1,800
Input Tax:
Freight out 800
VAT 12%
96 B
Vatable Sale
Account Receivables 16,800
Divided by 1.12 15,000
Less: Sales Return and Allowances
Amount Return 2,240
Ouput Tax (2,240 x 3/28) 240 2,000
Total 13,000
Transitional input tax 2%
Sales Discount 260
VAT 12%
Ouput Tax Upon Collection 31.20 B