Ma. Faith R.

Tan May 24, 2021

BSA-2A | AEC10

Problem no. 3

Sales (594 000 x 3/28) ₱ 63 642.86

Less: Sales returns (13 200 x 3/28) 1 414.29 ₱ 62 228.57
Deemed sales:
Payment to creditors 27 500
Consignment sales 34 100
Out on consignment 68 750
Goodwill to employees 11 000
Total 141 350
Multiply by 3/28 15 144.64
Output tax 77 373.21
Less: Input tax (253 000 x 3/28) 27 107.14
VAT payable ₱ 50 266.07

Problem no. 4

Domestic sales (1 452 000 x 3/28) ₱ 155 571.43

Export sales (1 815 000 x 0%) -
Output tax 155 571.43
Less: Input tax
Purchases – export (422 000 x 3/28) ₱ 45 214.28
Purchases – domestic (618 200 x 3/28) 66 235.71
Purchases – supplies (254 100 x 3/28) 27 225.00 138 674.99
VAT payable ₱ 16 896.44

Problem no. 5

Actual VAT paid ₱ 365 000

Two percent (2%) of inventory:
Goods for resale ₱ 1 350 000
Goods manufactured 1 562 000
Goods in process of production 616 000
Goods purchased for processing 429 000
Total 3 957 000
Multiply by 2% 79 140
Transitional input tax (higher) ₱ 365 000

Problem no. 6

Total purchases of sugar cane ₱ 1 000 000

Portion produced into refined sugar:
White sugar 60%
Bagasse 5% 65%
Purchases produced into refined sugar & bagasse 650 000
Rate 4%
Presumptive input tax ₱ 26 000

Output tax (2 000 000 x 12%) ₱ 240 000

Less: Input tax
On purchases ₱ 35 000
Presumptive input tax 26 000 61 000
VAT payable ₱ 179 000

Problem no. 7

Output Tax (1000 000 x 3/28) ₱ 107 142.86

Less: Input Tax
Purchases, VAT (448 000 x 3/28) ₱ 48 000
Purchases, VAT & Non-VAT (110 880 x 3/28) 11 880
Allocation based on sales:
Sales, VAT ₱ 1 000 000
Sales, Non-VAT 500 000
Total 1 500 000
(1,000,000/1,500,000 x 11 880) 7 920 40 080
VAT payable ₱ 67 062.86