Gaspar, Johoney Mycho R.

BEC
BSA2105-FS2223-VAT-36-SOLUTION

ASSIGNMENT NO. 4

PROBLEM 1 - GRACE RIVERA (45 Points)

a Output tax (3,200,000.00x12%) P

Less: Input tax
Purchase of office supplies
(950,000x12%) P 114,000
Office equipment
(2,500,000x12%x32/50)/60 months) 3,200
Operating expenses (VATable)
(170,000x12%x32/50) 13,056

VAT payable P

Office Supplies Textbooks

Sales P 3,200,000 P
Purchases (950,000)
Depreciation expense (VATable Sales)
(2,500,000x32/50)/96 months (16,667)
Depreciation expense (for non-VATable Sales)
(2,500,000x18/50x1.12)/96 months
Operating expenses paid to VAT suppliers (for VATable Sales)
(170000*32/50) (108,800)
Operating expenses paid to VAT suppliers (for non-VAT)
(170000*18/50x1.12)
Operating expenses paid to non-VAT suppliers (for VAT Sales)
(120000*32/50) (76,800)
Operating expenses paid to non-VAT suppliers (for non-VAT)
(120000*18/50)

Net income P 2,047,733 P

(Note: Enclose in parentheses your amount for purchases and the other accounts down the
line)

PROBLEM 2 - TEOFISTO TAMALES (35 Points)

January February Quarter

Output tax - Actual sales P 54,000 P 72,000 P
Output tax - Transaction deemed sales 26,400
Total output tax

Input tax
Purchase of goods 24,000 33,600
Purchase of office equipment 2,400 2,400
Purchase of commputers 12,000
Purchase of delivery equipment
Asset retired 3,000 39,000
VAT paid - January
VAT paid - February

Total input tax/VAT paid 29,400###

### 87,000###
###

VAT payable (Excess input tax) P 24,600 P 11,400 P

Note:
1 Show the computation for the following:
a. Output tax on transaction deemed sale.
b. Input tax on office equipment,
delivery equipment and asset retired.
2 Subtract from Total output the Total
 input tax/VAT paid. Do not enclose
anymore the amounts for input tax in
parentheses.

a. Transaction deemed sale

246,400x12/112

b. Inpust Tax
Office Equipment
Purchase of office equipment ammortization
Jan and Feb: 1,200,000x0.12/60
quarter: 1,200,000x0.12/60x3
Delivery equipment
Purchase of oofice delivery equipment ammortization:
1,400,000x0.12/60

Asset retired
10
12
12
12
1
47
60
13 months
Jan: 1,500,000x0.12/60= 3,000
Feb: 13x3,000=39000
Quarter: 3,000+39,000=42,000
 384,000

(130,256)

253,744

Textbooks
1,800,000
(620,000)

(11,250)

(68,544)

(43,200)

1,057,006

accounts down the

Quarter
222,000
26,400

106,800
7,200
12,000
2,800
42,000
24,600
11,400

206,800

41,600