Problems:

21. Machine 1 (3,000,000 / 60 x 12%) 6,000.00

Machine 2 (1,800,000 / 36 x 12%) 6,000.00
Patent (600,000 / 10 x 12%) 7,200.00
Input tax 19,200.00

22. Sale to domestic customers 720,000.00

Purchase common to all products 240,000.00
Purchases directly attributable
to sales to domestic customers 480,000.00
VAT payable -

23.

24.

25. Lease for residential unit:

Monthly rental Aggregated amount
Subject to 3% Percentage tax 12,800-15,000 1,520,000.00
Subject to VAT and 3% Percentage tax 15,100-20,000 1,478,400.00

Lease for commercial unit:

Subject to VAT 10,000.00 1,008,000.00

Total business tax

26. Jan Feb

Sales 138,000.00 240,000.00
Purchases 72,000.00 192,000.00
Deferred tax 20,000.00
VAT payable 46,000.00 48,000.00

27. Output tax on sales 240,000.00

Input tax on purchase of goods sold 238,200.00
Input tax on machine - 12 yrs useful life 1,800.00
VAT payable -
28. CASE A
Sales 228,000.00
Purchases of goods for sale, vat excl. 151,200.00
Purchases of machines 2,400.00
VAT payable 74,400.00

29. CASE B
Sales 336,000.00
Purchases of goods for sale, vat excl. 192,000.00
Purchases of machines 3,000.00
VAT payable 141,000.00

30. CASE A
Sales 228,000.00
Purchases of goods for sale, vat excl. 151,200.00
Purchases of machines 3,600.00
VAT payable 73,200.00

31. Sales to a GOCC 1,000,000.00

Tax rate 5%
Withholding VAT 50,000.00

32. Expense or cost

33. Output taxes:

Sales to private entities 300,000.00
Sales to GOCC 120,000.00 420,000.00
Less: Input taxes
Sales to GOCC (standard input tax) 70,000.00
Purchases of goods sold to private entities 96,000.00 166,000.00
Withholding VAT (1,000,000 x 5%) 50,000.00
VAT payable 204,000.00

34. JAN FEB

Output taxes 132,000.00 348,000.00
Input taxes 240,000.00 144,000.00
VAT Payable (108,000.00) 108,000.00
96,000.00

35. Output tax 52,800.00

Input tax 13,200.00
VAT payable 39,600.00

36. Output tax 66,000.00

 Input tax 79,200.00
Landed cost 6,000.00
VAT payable (refundable) (19,200.00)

37. Credit to sales account:

January 440,000.00
February 550,000.00
March 770,000.00 1,760,000.00
Tax rate 12%
Output tax 211,200.00

38. Output taxes 92,400.00

Input taxes 39,600.00
Deferred tax 19,200.00
VAT payable 33,600.00

39. Sale Own use

Invoice cost 537,600.00 26,880.00
Freight and insurance 21,504.00 1,075.20
Other expenses 32,256.00 1,612.80
VAT payable 591,360.00 29,568.00

40. Selling price 720,000.00

Less: Input taxes
Invoice cost 537,600.00
Freight and insurance 21,504.00
Other expenses 32,256.00 591,360.00
VAT payable 128,640.00
VAT Percentage tax
EXEMPT EXEMPT
- 44,352.00
- 44,352.00 44,352.00

30,240.00
- 30,240.00 30,240.00
74,592.00

Mar
222,000.00
108,000.00

114,000.00
MAR
360,000.00
156,000.00
204,000.00
Total

620,928.00