Professional Documents
Culture Documents
16. A VAT registered seller made the following sales of goods during
a month:
Compute the output VAT assuming the given figures are exclusive of
VAT.
a. P 48,000 c. P
b. P 40,800 d. P 69,312
Installment P 200,000
Interest 12,000
Penalty 4,000
Total P 216,000
21. A VAT-registered taxpayer has its own sales operations but also
sells goods through consignees. It also sells goods on consignment
for a commission. The following were the results of operations for
the month ended April 30, 2016:
Cash P 50,000
Accounts receivables 120,000
Investments 180,000
Inventories 200,000
Property, plant and equipment 800,000
Total assets P 1,350,000
25. Assuming the same data in the previous problem except that the
commercial land was sold for P2,464,000, what would be the output
VAT.
a. P 295,680 c. P 264,000
b. P 268,800 d. P 240,000
26. Guimaras Company made the following export and domestic sales
during the month:
Domestic sales
Sales to an PEZA FOB destination P2,000,000
Sales to a non-VAT customer 500,000
Sales to a VAT customer 1,000,000
29. A VAT taxpayer had the following data regarding its sales and
input VAT during a particular quarter:
Non-traceable input VAT totaled P 24,000. Input VAT applied for tax
refund totaled P 6,000.
33. The sale of a VAT registered taxpayer for the last 12 months
failed to exceed the VAT threshold. It made the following sales
during the month:
Incoming Outgoing
Passengers P 1,000,000 P 2,000,000
Cargoes, mails; excess baggage 500,000 400,000
This was the first time Intrepid, Inc. reports taxable income since
its inception in 2010. Intrepid, Inc. paid P200,000 MCIT in the last
two years. During the current year, taxes withheld by clients
evidenced by BIR Form 2307 totaled P25,000.
Gwen paid P300,000 in mortgage before his death. The prior estate
paid the estate tax on the agricultural which was then valued at
P1,000,000.
42. Mr. and Mrs. Coyiuto got married on February 14, 2001. The
spouses stipulated the conjugal partnership of gains for their
property relation. Mr. Coyiuto died leaving the following
properties:
55. Rural Bank of Gumaca, Inc. (RBG) shows the following receipts
during a quarter:
58. Remy was unjustly assessed by the BIR. The following relates to
Remy’s protest:
How much shall Mr. Marcos pay in community tax for 2011?
a. P5,005 c. P4,205
b. P1,685 d. P 0
64. Mr. and Mrs. J. Cruz donated a conjugal parcel of land to their
son who was getting married within six (6) months after the date of
donation. The fair market value of the property at the time of
donation was 500,000. Its fair market value at the time of marriage
was 550,000. The donated property was subject to 100,000 mortgage.
This was assumed by the donee.
65. Monkey is a first cousin of both Zeus and Mark. Zeus and Mark are
“loving” friends. Zeus wants to donate P100,000 cash to Mark. What
is the best tax strategy to minimize from donor’s tax?
a. Zeus shall donate the property in his will and testament to avoid
donor’s tax.
b. Zeus may directly donate the P100,000 to Mark since donation up
to the first P100,000 is tax-exempt.
c. Zeus shall first donate the property to Monkey under condition
that Monkey shall donate the same to Mark.
d. Zeus shall split the donation over several years to minimize the
annual donor’s tax.
66. A dealer in securities has the following data for the quarter:
Sales, shares held as inventory 5,000,000
Sales, shares held as investment 1,500,000
Cost, shares held as inventory 2,000,000
Cost, shares held as investment 500,000
Supplies expense, net of VAT 100,000
Rent expense, net of VAT 200,000
How much is the VAT payable?
A. 470,000 C. 270,000
B. 324,000 D. Not subject to VAT
67. Mr. Juan Cruz, VAT-exempt, issued VAT invoice to Mr. S. Santos,
VAT-registered trader. As a consequence, Mr. Juan Cruz would:
a. be liable to VAT without the benefit of input tax credit
b. not be liable to VAT because he is VAT-exempt
c. be liable to percentage tax, VAT, and a surcharge of 50%
d. not be liable to any business tax but may be liable to income tax
The value-added tax or percentage tax due for the quarter is:
a. P40,000 percentage tax c. P52,000 percentage tax
b. P72,000 value-added tax d. P312,000 value-added tax
71. Victory Bus Lines had the following receipts during the quarter:
The output VAT and OPT due for the quarter are:
Eggs P 100,000
Dried fish 150,000
Marinated fish 200,000