Jhonah Joyce B.

Lumba
ACC111(962)

Let’s Check
Activity VAT 1.
Transactions Terms VAT Output

1. Sold merchandise for P 120,000 Cash 0

2. Sold merchandise for P 80,000 2/10, n/30 8,571

3. Sold merchandise for P200,000. Less:10%,5% COD 18,321

4. Sold merchandise for P50,000 Less: 5% 2/10, n/30 5,089

5. Sold merchandise for P60,000 n/30 0

Activity VAT 2.
Transactions Terms VAT Input

1. Bought merchandise for P75,000 Cash 0

2. Bought a delivery Van for 2/15, n/60 1,071

P500,000

3. Purchase merchandise for Less:5% 3/10, n/45 15,268

P150,000

4. Purchase supplies for office use n/20 0

for P15,000

5. Purchase merchandise for 3/10, n/60 450

P140,000

Let’s Analyze
Activity VAT 3.
Account Gross Amount net of VAT Output/Input
Value

Sales P5,500,00 4,910,714 Output- 589,286

Sales Discount 180,000 160,714 Output- 19, 286

Sales Returns & Allow. 200 179 Output- 21

Purchases 3,500,000 3,125,000 Input- 375,000

Purchase Discount 220,000 196,429 Input- 23,571

Purchase Returns & Allow 75,000 66,964 Input- 8,036

Freight in 25,000 22,321 Input- 2,679