CASE 2-20 pts Ligaya is engaged in business both subject to VAT and non-VAT and has the following transactions during th

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Case 2 20 Pts Ligaya Is Engaged In Business Both Subject To Vat And Non Vat And Has The Following Transactions During Th 1 (57.99 KiB) Viewed 138 times

CASE 2-20 pts Ligaya is engaged in business both subject to VAT and non-VAT and has the following transactions during the month: a. Cash purchase of goods from persons exempt from VAT VAT business P50,000 Non-VAT business 20,000 b. Purchased goods from VAT registered person in cash VAT business P89,600 Non-VAT business 22,400 C. Purchased on cash from VAT-registered person, for use in VAT and non-VAT business. Amounts are inclusive of VAT Supplies P21,280 Equipment 36,064 d. Sales invoices VAT business Non-VAT business P336,000 84,000 Required: 1. Record the journal entries (10 pts) 2. Compute for the VAT payable/overpayment. (10 pts)