Answer Happy

VALUE-ADDED TAX ASSIGNMENT NO. 4 1. The following transactions, in Philippine Pesos, VAT not yet included, pertain to Apex Marketing Corporation, a VAT- registered taxpayer, for the first six months of 2020: January February March April May June Sales 300.000 200.000 150.000 400.000340,000 550,000 Purchases 125,000 250,000 350,000 220,000 190,000 270,000 Required: Compute the VAT payable, or excess input tax, for each of the first two months of each quarter and for each quarter. 2. Good Housekeeping Appliances Corporation, a VAT-registered taxpayer, had the following transactions, VAT not yet included, at the end of September 2020: Cash sales P Sales returns and allowances Credit sales Sales returns and allowances Sales discounts Consignment of goods 1-30 days old 31-60 days old More than 60 days old 620,000 15.000 1.230,000 39,000 5,000 200,000 90,000 110,000 Your review of pertinent record revealed the following data which have not yet been reflected in the foregoing transactions: Goods with a total invoice price of P134,400 were distributed as annual dividends to the stockholders during the month. b. Remittances on goods consigned, gross of VAT, were as follows: On goods consigned 1-30 days earlier P On goods consigned 31-60 days carlier On goods consigned more than 60 days earlier 156,800 89,600 78,400 Required: Compute the output tax for the month of September 2020.

PROBLEM 1 - ACME MARKETING CORPORATION (30 points) Solution: January February Quarter P Output tax Input tak Excess input tax carry over from Excess input tax carry over from VAT paid. VAT paid. VAT payable (Excess input tax) PI April May Quarter P P P Output tax Input tax Excess input tax carry over from Excess input tax carry over from Excess input tax carry over from VAT paid VAT paid VAT payable (Excess input tax) indicate month or quarter, as the case may be. If there is any Deductions from the output taxdexcess input tax should be enclosed in parentheses 5 points for each final figure for VAT payable (Excess input sau PROBLEM 2-GOOD HOUSEKEEPING APPLIANCES CORPORATION (15 points) Solution: Cash sales P ? Less: Sales returns and allowances 2 Output tax Pts P 2 P 2 3 Credit sales Less: Sales returns and allowances Sales discounts Total SRA and SD ? ? ? ? ? ? 4 1 Consignment of goods 1-30 days old 31-60 days old More than 60 days old 2 2 ? ? ? 2 1 1 Goods distributed as dividends 2 ? 1 Total output tax P 2