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  • Calculating VAT Payable for Domestic and Import Sales

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    Vixen Aaron Enriquez
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    The document contains calculations of value-added tax (VAT) for a business. It calculates output VAT from domestic and export sales, then subtracts input VAT from purchases of goods, supplies, services, and imports. It also calculates presumptive input VAT for tomatoes purchased from farmers. The resulting VAT payable is P12,600 for one section and P80,000 for another section involving canned food production.

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    VAT

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    The document contains calculations of value-added tax (VAT) for a business. It calculates output VAT from domestic and export sales, then subtracts input VAT from purchases of goods, supplies, services, and imports. It also calculates presumptive input VAT for tomatoes purchased from farmers. The resulting VAT payable is P12,600 for one section and P80,000 for another section involving canned food production.

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    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    17 views3 pages

    Calculating VAT Payable for Domestic and Import Sales

    Uploaded by

    Vixen Aaron Enriquez
    The document contains calculations of value-added tax (VAT) for a business. It calculates output VAT from domestic and export sales, then subtracts input VAT from purchases of goods, supplies, services, and imports. It also calculates presumptive input VAT for tomatoes purchased from farmers. The resulting VAT payable is P12,600 for one section and P80,000 for another section involving canned food production.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 3

    Laurel, Jedrix P.

    BSA 3-1

    P8-9
    Output tax
    Domestic sales (330,000/1.12*12%) 35,357.14
    Other domestic sales (274,996/1.12x12%) 29,463.86
    Export sales (200,000*0) - 64,821.00 Total input VAT
    Less: Input Tax
    Purchase of goods (374,000/ 1.12*12%) 40,071.43
    Purchase of supplies (69,848/1.12*12%) 7,483.71
    Purchase of services (154,000/ 1.12*12%) 16,500.00
    Purchase of goods for export (55,000/ 1.12*12%) 5,892.86 69,948.00
    VAT payable (5,127.00) (Excess Input VAT)

    P8-10
    VAT on importation
    CIF Value 229,195.00
    Expenses in claiming the goods:
    Wharfage 1,540.00
    Arrastre 2,295.00
    Custom Duty 4,090.00
    Brokerage fee and Documentary stamps 330.00
    Marino Cargo insurance 2,550.00
    Total 240,000.00
    VAT rate 12%
    VAT on importation 28,800.00

    Sales 350,000.00
    VAT rate 12%
    Output VAT 42,000.00
    Less: VAT on importation 28,800.00
    Input VAT on Freight (5,000 x 12%) 600.00 29,400.00
    VAT Payable 12,600.00

    P8-13
    Tomatoes purchased from farmers 85,000.00
    Presumptive input VAT rate 4%
    Presumptive input VAT 3,400.00

    Output VAT (800,000x12%) 96,000.00


    Less: Input VAT
    Presumptive (Tomatoes) 3,400.00
    Presumptive (Olive Oil: 67,200/1.12*12% ) 7,200.00
    Can containers (25,000x12%) 3,000.00
    Paper labels (12,000x12%) 1,440.00
    Cardboard for boxes (8,960/1.12*12%) 960.00 16,000.00
    VAT payable 80,000.00
    Total input VAT

    (Excess Input VAT)

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