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    Information For Items 21 & 22

    Uploaded by

    Kurt Morin Cantor
    Alpha Corporation had P2 million in sales to private entities, P1 million in sales of VAT-exempt goods, and P1 million in sales to the government for the month. It received P120,000, P20,000, and P100,000 in input VAT from private entities, VAT-exempt goods, and the government respectively. Nikka's domestic sales were P2 million and export sales were P8 million. Its domestic purchases from VAT suppliers were P600,000 for goods and P90,000 for services, and export purchases were P2.4 million for goods and P360,000 for services. Its domestic purchases from non-VAT suppliers were P100,000 for goods and

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    Information For Items 21 & 22

    Uploaded by

    Kurt Morin Cantor
    816 views3 pages
    Alpha Corporation had P2 million in sales to private entities, P1 million in sales of VAT-exempt goods, and P1 million in sales to the government for the month. It received P120,000, P20,000, and P100,000 in input VAT from private entities, VAT-exempt goods, and the government respectively. Nikka's domestic sales were P2 million and export sales were P8 million. Its domestic purchases from VAT suppliers were P600,000 for goods and P90,000 for services, and export purchases were P2.4 million for goods and P360,000 for services. Its domestic purchases from non-VAT suppliers were P100,000 for goods and

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    Alpha Corporation had P2 million in sales to private entities, P1 million in sales of VAT-exempt goods, and P1 million in sales to the government for the month. It received P120,000, P20,000, and P100,000 in input VAT from private entities, VAT-exempt goods, and the government respectively. Nikka's domestic sales were P2 million and export sales were P8 million. Its domestic purchases from VAT suppliers were P600,000 for goods and P90,000 for services, and export purchases were P2.4 million for goods and P360,000 for services. Its domestic purchases from non-VAT suppliers were P100,000 for goods and

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    816 views3 pages

    Information For Items 21 & 22

    Uploaded by

    Kurt Morin Cantor
    Alpha Corporation had P2 million in sales to private entities, P1 million in sales of VAT-exempt goods, and P1 million in sales to the government for the month. It received P120,000, P20,000, and P100,000 in input VAT from private entities, VAT-exempt goods, and the government respectively. Nikka's domestic sales were P2 million and export sales were P8 million. Its domestic purchases from VAT suppliers were P600,000 for goods and P90,000 for services, and export purchases were P2.4 million for goods and P360,000 for services. Its domestic purchases from non-VAT suppliers were P100,000 for goods and

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    Information for items 21 & 22

    Alpha Corporation (vat registered) has the following data for the month:
    Sales
    - private entities and individual (10% to senior citizen) P2,000,000
    - vat exempt goods P1,000,000
    - government P1,000,000
    The following input taxes were passed-on by vat suppliers to Alpha Corporation during the month:
    - private entities and individual P120,000
    - vat exempt goods 20,000
    - government P100,000

    Information for item 24


    Data from the books of accounts of Nikka, a VAT taxpayer, for the month:
    Domestic Export
    Sales 2,000,000 8,000,000
    Purchases:
    From VAT supplier:
    Goods for sale 600,000 2,400,000
    Supplies & Services 90,000 360,000
    From non-VAT supplier:
    Goods for sale 100,000 1,500,000
    Supplies & Services 20,000 80,000

    Information for item 25


    Frances Corporation is a vat registered entity with the following data for the taxable month:
    Domestic sales 500,000
    Transaction deemed sales 500,000
    Export sales 500,000
    Sales to Joey Corp, an export oriented enterprises, (2/3 of 500,000
    Joey’s annual output is actually exported.
    Purchases( invoice cost from VAT entity) 224,000
    Purchases ( invoice cost from non-VAT entity) ( 100,000

    Information for items 27 & 28


    The ABC Corporation, a VAT registered taxpayer sold to Lolo Sot, a senior citizen and to his wife, Ana, a person
    with disability, as follows:
    Lolo Sot Ana
    Grilled blue marlin P150 P150
    Tokwat Baboy 128 -
    Pinaputok na Tilapia - 134
    Seafood soup 100 100
    Pineapple juice - 64
    Buko pandan 70 -
    Total P448 P448
    The prices above are based on menu prices inclusive of VAT

    Information for item 29


    Cebu Airlines is a corporation organize in the Philippines. It has the following data for the taxable year 2018.
    Passenger fare ( Net of VAT):
    Philippines to Hongkong P8,000,000
    Hongkong to Philippines 8,000,000
    Domestic flight ( gross of 2% WT) 3,000,000

    Cargoes & Mails fare ( Net of VAT):


    Philippines to Hongkong P1,000,000
    Hongkong to Philippines 1,500,000
    Domestic flight ( gross of 2% WT) 800,000
    Other Income
    Interest from Bank Deposits 800,000
    Rent Income 500,000
    Information for item 30
    Philip Inc., a building contractor, showed to you the following data for the month of August 2019:
    Cash received, gross of VAT 2,240,000
    Receivables, net of VAT 3,000,000
    Advances on other contracts still unearned(w/o VAT) 1,000,000

    Unpaid purchases:
    For materials, VAT excluded 500,000
    For supplies, VAT excluded 100,000
    For services of sub-contractors (VAT Included) 1,848,000

    Payment for purchases made in July:


    Materials, gross of VAT 369,600
    Services of sub-contractors (net of VAT) 495,000

    Information for item 31


    Data for a trader with one line of business subject to VAT and another line of business not subject to VAT (amounts
    presented are gross of VAT if applicable):
    Sales, VAT business 896,000
    Sales, non – vat Business 200,000
    Purchases of goods, VAT business 224,000
    Purchases of goods, non-VAT business 33,600
    Purchase of depreciable asset, for vat & non vat business 112,000
    Purchase of Supplies, for vat & non vat business 2,240
    Rental of premises, for vat & non vat business from non vat lessor 22,400

    Information for item 32


    Jimboy had the following data during the month of February:

    Case A Case B
    Sales, net of VAT 1,900,000 1,800,000
    Purchases of goods for sale, exclusive of VAT 1,260,000 1,600,000
    Purchases of machines (VAT not included) 1,440,000 900,000
    Machine life 6 years 3 years
    The amounts of vat payable (excess tax) shall be:

    Information for item 33


    After recognizing the value-added tax payable for the month of December 2019, the books of accounts of Peter, a
    merchandising company, showed a debit balance in the input taxes account of P 12,000.

    Sales and purchases at total invoice prices/costs for January 2020 were:
    Sales P 896,000
    Sales return and allowances 56,000
    Sales discount 22,400
    Purchases of:
    Goods for sale, from VAT-registered persons 224,000
    Goods for sale, from non-VAT registered persons 56,000
    Services, from VAT-registered persons 21,280
    Equipment (life of 10 years) from VAT-registered person 112,000
    Importation of goods for sale:
    Invoice cost, country of origin 20,000
    Freight 500
    Insurance 200
    Customs duty 600
    Excise tax 100
    Other expenses prior to removal from customs custody 300
    Other expenses after removal from customs custody 250
    Operating expenses 30,000
    Information for item 36
    Vincent Pacific Airways, a domestic air carrier, is given the right to transport passengers and cargoes from one
    place in the Philippines to another. It was also granted the right to transport passengers and cargoes from the
    Philippines to a foreign country.
    The gross receipts of Vincent Pacific Airways for the transport of passengers and cargoes for the
    period are as follows:
    Items Gross receipts within Gross receipts abroad
    transported the Philippines
    Passengers ₱9,000,000 ₱8,000,000
    Cargoes 6,000,000 2,000,000
    ₱15,000,000 ₱10,000,000
    Vincent Pacific Airways incurred the following costs and expenses during the period (exclusive of applicable
    VAT):
    a. Payment of ₱3,000,000 to Mark Excel Services, a VAT-registered service contractor, for the
    maintenance services on carrier units that have flights abroad.
    b. Payment of ₱5,000,000 to Regina Paramount Services, a VAT-registered service contactor, for
    the maintenance services rendered on common carrier units that fly within the Philippines only
    c. Payment of ₱5,000,000 for the purchase of fuel commonly used by carrier units having flights
    within and outside the Philippines from a VAT-registered taxpayer
    d. Payment of supplies and materials commonly needed and utilized during the flights of all air
    carrier units having flights within and outside the Philippines as follows:
     From a VAT-registered dealer, ₱1,000,000
     From a non-VAT registered seller, ₱600,000
    e. Payment of salaries of the flight crew and office personnel amounting to ₱4,000,000

    Information for item 38


    Charles Manufacturing operated a VAT-registered business and a non-VAT business. During a particular
    taxable period, the following data are presented:
    Sales
    VAT business, exclusive of VAT
    Domestic sale ₱1,000,000
    Export sale 1,250,000
    Non-VAT business 250,000
    Purchase of goods, all from VAT suppliers exclusive of VAT
    attributable to VAT business (export sale) 275,000
    attributable to VAT business and non-VAT
    business (domestic sale) 110,000
    attributable non-VAT business (domestic sale) 220,000

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