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  • VAT Entries for Goods Purchased, Marked Up, and Partially Exported

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    LouiseLinaac
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    The document describes an exercise involving value added taxation. It provides information that goods were purchased for P2,500,000 with a 12% VAT rate. It asks: (1) what the entry is for the purchase, (2) what the compound entry is for selling 70% of the goods exported at 50% markup and 30% domestically, and (3) how much VAT is payable or refundable based on the sales and P200,000 in additional output taxes. It asks for the computation and entry if the net taxes are paid to the tax office.

    Descrizione originale:

    An exercise on value added tax

    Titolo originale

    Value Added Tax Exercise

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    The document describes an exercise involving value added taxation. It provides information that goods were purchased for P2,500,000 with a 12% VAT rate. It asks: (1) what the entry is for the purchase, (2) what the compound entry is for selling 70% of the goods exported at 50% markup and 30% domestically, and (3) how much VAT is payable or refundable based on the sales and P200,000 in additional output taxes. It asks for the computation and entry if the net taxes are paid to the tax office.

    Copyright:

    © All Rights Reserved
    Scarica in formato PDF, TXT o leggi online su Scribd
    Segnala contenuti inappropriati
    261 visualizzazioni1 pagina

    VAT Entries for Goods Purchased, Marked Up, and Partially Exported

    Caricato da

    LouiseLinaac
    The document describes an exercise involving value added taxation. It provides information that goods were purchased for P2,500,000 with a 12% VAT rate. It asks: (1) what the entry is for the purchase, (2) what the compound entry is for selling 70% of the goods exported at 50% markup and 30% domestically, and (3) how much VAT is payable or refundable based on the sales and P200,000 in additional output taxes. It asks for the computation and entry if the net taxes are paid to the tax office.

    Copyright:

    © All Rights Reserved
    Scarica in formato PDF, TXT o leggi online su Scribd
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    di 1

    EXERCISE IN VALUE ADDED TAXATION

    Purchase of goods for P2,500,000.00


    VAT rate is 12%
    Exchange rate is P43.50/US$1.00
    (1) What is the entry when purchases are made?
    (2) If the goods are marked up 50% over their cost, and then 70% is
    exported and 30% is sold domestically, what is the compound entry for
    the sale of all the goods?
    (3) How much VAT is payable to (or refundable from) the tax office at
    the end of the month? Show the computation.
    (4) What is the entry if additional output taxes amounting to
    P200,000.00 (from other domestic sales) are also due, and the net taxes
    are paid to the tax office?

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