QUIZ 2 PART 2

1. The PQ Co. is a common carrier with air and sea transportation units, transporting cargoes and passengers
from point to point in the Philippines. It had the following data in a month, any tax not included:

Gross receipts:

For transporting cargoes P2,000,000

For transporting passengers 3,000,000

Payments to VAT suppliers of materials

and service providers 1,500,000

Payments to non-VAT suppliers of materials 650,000

How much is the value-added tax payable for the month?

Answer: 420,000

2. HI Company is a VAT business. HI Company had the following data for the month, VAT not included.

Sales, VAT business P630,000

Sales, non VAT business 350,000

Purchases of goods from VAT suppliers 275,000

Purchases of goods from non VAT suppliers 100,000

How much is the value added tax payable?

Answer: 42,600

3. The following were the transactions of a VAT taxpayer, VAT not included for each of the following
months indicated of a calendar quarter:

Sales 1st month 2nd month 3rd month

Purchases P1,500,000 P2,000,000 P2,500,000
1,300,000 1,700,000 1,400,000

How much was the VAT tax consequence for the 1st month?

Answer: -24,000

4. ABC Co. is a VAT trader. It had the following data for the month of July. VAT not included:

Cash sales P200,000

On account sales 150,000
Installment sales (receipts, P40,000) 100,000
Consignment sales (at suggested retail price) (not yet sold as the end of the month)
April 15 180,000
May 15 150,000
June 15 120,000
QUIZ 2 PART 2

How much is the output tax on his sales for the month?
Answer: 54,000

5. JKL Co. is a VAT trader. It had the following data in a month. VAT not included:

Gross sales

Cash sales P 600,000

Credit sales 900,000

Sales return 120,000

Sales discount 60,000

Consigned Goods (unsold after 90 days) 100,000

Goods used for promotion 40,000

How much is the output VAT for the month?

Answer: 170,400

6. DEF Co. a VAT registered business, showed the following records for the month:

Purchases, excluding VAT

Goods for sale P340,000

Office supplies 45,000

Sales excluding VAT 540,000

Goods used as sample 6,000

How much is the net VAT payable?

Answer: 29,400

7. The tax payer is a real estate dealer

Consideration on the sale, per deed of sale P3,200,000

Zonal Value 3,500,000

Fair market value in the assessment rolls 3,000,000

Payments as follows:

March 5, 2018 (date of sale) 600,000

April 5, 2018 600,000

March 5, 2019 1,000,000

April 5, 2019 1,000,000

How much is the output value-added tax on March 5, 2019 collection?

QUIZ 2 PART 2

Answer: 120,000

8. The following were the transactions of a VAT taxpayer, VAT not included for each of the following
months indicated of a calendar quarter:

Sales 1st month 2nd month 3rd month

Purchases P1,500,000 P2,000,000 P2,500,000
1,300,000 1,700,000 1,400,000

How much was the VAT payable at the end of the quarter?

Answer: 192,000

9. Mr. Zee was anon-VAT taxpayer in 2019. He registered for and became a VAT taxpayer beginning January
1, 2020. On December 31, 2019, he had the following data on his business:

Inventory, purchased from VAT taxpayer P 400,000

Supplies, purchased from VAT suppliers 150,000

Fixed Assets purchased from VAT taxpayers 1,200,000

Transitional input tax on inventory?

Answer: 58,928.57

10. G. Corp VAT registered business made a total sales of P2,240,000 inclusive of VAT. How much is the
output tax on sales?

Answer: 240,000

11. The taxpayer is a real estate dealer

Consideration on the sale, per deed of sale P3,200,000

Zonal Value 3,500,000

Fair market value in the assessment rolls 3,000,000

Payments as follows:

March 5, 2018 (date of sale) 600,000

April 2018 600,000

March 2019 1,000,000

April 2019 1,000,000

How much is the value added tax shown in the deed of sale?

Answer: 420,000
QUIZ 2 PART 2

12. The PQ Co. is a common carrier with air and sea transportation units, transporting cargoes and passengers
from point to point in the Philippines. It had the following data in a month, any tax not included:

Gross receipts:

For transporting cargoes P2,000,000

For transporting passengers 3,000,000

Payments to VAT suppliers of materials

and service providers 1,500,000

Payments to non-VAT suppliers of materials 650,000

How much is the output tax?

Answer: 600,000

13.
14. The following were the transactions of a VAT taxpayer, VAT not included for each of the following
months indicated of a calendar quarter:

Sales 1st month 2nd month 3rd month

Purchases P1,500,000 P2,000,000 P2,500,000
1,300,000 1,700,000 1,400,000

How much was the Vat payable for the 2nd month?

Answer: 72,000

15.