Professional Documents
Culture Documents
1,000,000
900,000
1,500,000
3,400,000
In June 2020. Mabaca Corporation made the following sales:
Required:
Compute the gross selling price and the output VAT
200,000
100,000
300,000
15,000
615,000
12%
73,800
Assume ABC Company purchased goods from a VAT supplier on account.
The supplier billed ABC Company at P78,400 inclusive of VAT
Mrs. Aguilar had a P230,000 output VAT in the month. She also made the
following purchases during the month.
Output VAT
Input VAT
Vat due
n account.
o made the
280,000
224,000
896,000
24,000
96,000
120,000
230,000
120,000
110,000
A VAT taxpayer using the calendar year had the following
output VAT and input VAT during the months starting January
to April 2016
January February
Output VAT 80,000 90,000
Input VAT 60,000 80,000
January February
Output VAT 80,000 90,000
Less: Input VAT (60,000) (80,000)
Vat due 20,000 10,000
Less: VAT paid in prior months
e following
tarting January
March April
85,000 75,000
65,000 70,000
March April
255,000 75,000
(205,000) (70,000)
50,000 5,000
(30,000)
20,000
Exempt Sales of Goods or Properties
1. Sale of goods to sernior citizens and persons with disability
This covers sale of essential goods only.
2. Employees
Services performed by individuals in pursuant to an employer a
employee relationship
5. Cooperative services
Gross receipts from lending activities by credit or multi-purpose
cooepratives duly registered and in good standing with the
Cooperative Development Authority
6. Hospitals
Medical, dental, hospitals, and veterinary services except those
rendered by professionals and sales of drugs by a hospital drug
store
9. Treaty-exempt services
Transactions which are exempt under internation agreement to
the Philippines is a signatory or under special laws
hypertension
registered in good
pment Authority (CDA)
heir produce, whether
to non members,
, machineries and
eof, to be used
on and or processing
and non-credit
od standing with
-cost housing
ialized housing
,500 and below and
alued at P3,199,200
onal agreement to
under special laws
t to a plan of merger
perty that resulted
-exempt transaction
rated sale.
ational institutions
n, Commission on
d Skills Development
education institutions
to an employer and
t or multi-purpose
ding with the
porations
assessments
ons and condominium
, including engine
tic or international
arters established in
which acts as
g centers for their
Pacific Region and
newspaper, magazine.
tervals with fixed
ot devoted principally
ocators
s and cinemas
ns not engaged
d items of property,
ng, machineries,
ent is normally
d taxpayers, however,
"incidental transactions"