1) Genson Distribution Inc

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1) Genson Distribution Inc., a VAT taxpayer, had the following data in a month: *

Cash sales 200,000

Open account sales 500,000

Consignment:

0 to 30 days (on which there were remittances from consignes of P200,000) 600,000

31 to 59 days old 700,000

60 days old and above 900,000

 How much is the output tax?

A) P348, 000

B) P216, 000

C) P264, 000

D) P108, 000

2) The financial records of Benz Corp., a VAT-registered taxpayer, for the taxable year 2016 disclosed the following: *

Local sales to private entities 1,500,000

Export sales 500,000

Local sales to government 800,000

How much is the total sales subject to value-added tax?

A) P2,800,000

B) P2,300,000

C) P2,000,000

D) P1,500,000

3) The value-added tax payable for the month: *

Mantika Corp, a VAT-registered Corp., is a producer of cooking oil from coconut and corn. It had the folowing data for the month of January 2017:

Sales, gross of VAT 784,000

Corn and coconut, 12-31-16 50,000

Purchase of corn and coconut 330,000

Corn and coconut, 1-31-17 20,000

Purchase from VAT suppliers, VAT included:

Packaging materials 56,000

Supplies 16,800

A) P56,060

B) P54,900

C) P60,650

D) P63,000

4) How much is the value-added tax payable? *

Bunga Inc., a VAT taxpayer, is engage in the business of processing of fruits. Its data on sales and purchases fort he month of August are provided below:

Sales 200,000

Purchases:

Fresh fruits 30,000

Raw sugarcane 12,000

Tin can, gross of VAT 12,320

Paper labels, net of VAT 5,000

Cardboard for boxes, net of VAT 8,000

Freight, gross of VAT (50% still unpaid) 10,080

A) P20, 580

B) P18, 900

C) P19, 380

D) P20, 100

5) How much is the output tax to be recognized for June 2, 2017 *

Bahay kubo INC. is a real estate dealer. Details of its sales during the year showed the following:

Date of sale June 2, 2017

Consideration in the deed of sale 5,500,000

Fair market value in the assessment rolls 4,800,000

Zonal value 5,600,000

Schedule of payments:

June 2, 2017 2,500,000

June 2, 2018 200,000

June 2, 2019 2,800,000

A) P672,000

B) P305,455

C) P299,999

D) None of the above

6) How much is the output tax to be recognized in June 2, 2018? *

7) How much is the input tax available for the month? *

COC Inc., in its first month of operation, and as a VAT taxpayer, purchased various fixed assets. Purchases of fixed assets in the first month were as follows:

Light equipment, with a useful life of 3 years 300,000

Heavy equipment, with a useful life of 10 years 4,000,000

A) P516, 000

B) P9, 000

C) P480, 000

D) P8, 600