FORMAT IN COMPUTING THE VAT PAYABLE (VAT inclusive)

Formula in computing the VAT payable (VAT inclusive) :

Output VAT :
Sales of goods ( x 12/112) . . . . P xxxx
Receipts for services rendered ( x 12/112) . . xxxx
Transactions deemed sales ( at cost always) ( x 12%) xxxx
---------------
Total Output VAT . . . . . P xxxx
Less: Input VAT :
Purchase of Merchandise ( x 12/112) . P xxxx
Payments for services ( x 12/112) . . . xxxx
Purchase of Materials ( x 12/112) . . xxxx
Purchase of Supplies ( x 12/112) . . xxxx
Presumptive input vat ( x 4% ) . . . xxxx
Input VAT carried over (this is already VAT) . xxxx
------------
Total . . . . . . P xxxx
Less : Purchase Returns ( x 12/112) P xxxx
Purchase Discounts ( x 12/112) xxxx
Refunds applied (from input vat) xxxx
Tax credit certificates applied
(from input VAT carried over) xxxx xxxx xxxx
----------- ------------- ---------
VAT payable (Excess input VAT to be carried over) P xxxx
vvvvvvv

Formula in computing the VAT payable (VAT exclusive) :

Output VAT :
Sales of goods ( x 12%) . . . . . P xxxx
Receipts for services rendered ( x 12%) . . xxxx
Transactions deemed sales ( at cost always) ( x 12%) xxxx
---------------
Total Output VAT . . . . . P xxxx
Less: Input VAT :
Purchase of Merchandise ( x 12%) . . . P xxxx
Payments for services ( x 12%) . . . xxxx
Purchase of Materials ( x 12%) . . . xxxx
Purchase of Supplies ( x 12%) . . . xxxx
Presumptive input vat ( x 4% ) . . . xxxx
Input VAT carried over (this is already VAT) . xxxx
------------
Total . . . . . . . P xxxx
Less : Purchase Returns ( x 12%) . . P xxxx
Purchase Discounts ( x 12%) . . . xxxx
Refunds applied (from input vat) . . . xxxx
Tax credit certificates applied
(from input VAT carried over) . . . xxxx xxxx xxxx
----------- ---------- ----------
VAT payable (Excess input VAT to be carried over) . P xxxx
vvvvvvvv