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    VAT Exercises

    Uploaded by

    Junezel Ashley
    1. The document provides 14 problems involving calculating VAT payable for various taxpayers based on sales, purchases, receipts, and other transaction details. The problems require determining if the taxpayer is VAT registered and calculating output VAT on sales and input VAT on purchases to determine the net VAT payable.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd

    VAT Exercises

    Uploaded by

    Junezel Ashley
    21 views2 pages
    1. The document provides 14 problems involving calculating VAT payable for various taxpayers based on sales, purchases, receipts, and other transaction details. The problems require determining if the taxpayer is VAT registered and calculating output VAT on sales and input VAT on purchases to determine the net VAT payable.

    Original Description:

    Original Title

    VAT exercises

    Copyright

    © © All Rights Reserved

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    DOCX, PDF, TXT or read online from Scribd

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    1. The document provides 14 problems involving calculating VAT payable for various taxpayers based on sales, purchases, receipts, and other transaction details. The problems require determining if the taxpayer is VAT registered and calculating output VAT on sales and input VAT on purchases to determine the net VAT payable.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    21 views2 pages

    VAT Exercises

    Uploaded by

    Junezel Ashley
    1. The document provides 14 problems involving calculating VAT payable for various taxpayers based on sales, purchases, receipts, and other transaction details. The problems require determining if the taxpayer is VAT registered and calculating output VAT on sales and input VAT on purchases to determine the net VAT payable.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 2

    Problems :

    1. A service provider had the following data during the month :


    Gross receipts, including VAT 180,000
    Input VAT 12,000

    Assuming the taxpayer is VAT registered, compute the VAT payable.

    2. Refer to number 1, assuming the taxpayer is a VAT registrable person, compute the
    VAT payable.

    3. A seller of goods had the following data during the month:

    Sales invoice( total billed price) 436,800


    Total cash collections 380,800
    Sales returns and allowance , billed price 11,200
    Input VAT 14,000
    Assuming the taxpayer is VAT registered, compute the VAT payable.
    4. Refer to number 3, assuming the taxpayer is a Vat registrable person, compute the VAT
    payable.
    5. The following sales and purchases were taken from the books of accounts of a VAT
    taxpayer :
    April May June
    Sales 625,000 400,000 600,000
    Purchases 400,000 420,000 200,000
    What is the VAT payable in April ?
    6. Refer to number 5, what is the VAT payable in June ?
    7. A VAT taxpayer had the following sales and purchases during the month :
    Sales excluding VAT 300,000
    Purchases, inclusive of P14,000 VAT 280,000
    Compute the gross income under each of the following cases.
    a. The sale is VAT exempt
    b. The sale is made to government
    c. The sale is made to regular customers
    d. The sale is made by a registrable person.
    8. A sale was invoiced by the VAT seller at P500,000.
    What is the output VAT ?
    9. A taxpayer had the following purchases of Vatable goods, exclusive of VAT :
    Purchases from non Vat suppliers 180,000
    Purchases from VAT suppliers 1,000,000
    What is the input VAT ?
    10. A non Vat registered taxpayer purchased goods which was invoiced by the seller as
    follows : Selling price 50,000
    Output VAT 6,000
    Total invoice 56,000
    What is the claimable input VAT ?
    11. A VAT registered taxpayer with several businesses had the following sales for the
    current month :
    Sales of fertilizers and feeds 200,000
    Sales of equipment 150,000
    Input VAT on processed foods 13,000
    Compute the VAT payable for the current month.
    12. A VAT registered seller of goods had the following sales and purchases exclusive of
    VAT :

    Sales 800,000
    Sales returns and allowances 20,000
    Purchases 600,000
    Purchase returns and allowances 40,000
    What is the VAT payable ?
    13. A VAT registered trader reported the following during the month :
    Export sales 800,000
    Domestic sales 1,200,000
    Purchases 1,000,000
    What is the VAT payable ?
    14. A VAT registered restaurant had the following transactions during the month :
    Receipts from food served 600,000
    Receipts from softdrinks 200,000
    Purchase of rice, meat 200,000
    Purchase of vegetables 100,000
    Purchase of softdrinks 120,000
    Purchase of food condiments 80,000
    Assume all amounts are exclusive of VAT, compute the VAT payable.

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