Taxpayers, who are non-VAT registered persons, with gross sales above P3million is subject to Percentage Taxes Value-added Tax Both Percentage Taxes and VAT Neither Percentage Taxes nor VAT ABC Company purchased in year 2021 a delivery truck worth P1,680,000 including VAT

Subject:LawPrice: Bought3

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Taxpayers, who are non-VAT registered persons, with gross sales above P3million is subject to

1. Percentage Taxes
2. Value-added Tax
3. Both Percentage Taxes and VAT
4. Neither Percentage Taxes nor VAT

ABC Company purchased in year 2021 a delivery truck worth P1,680,000 including VAT. It has a useful life of 6 years. Compute the Creditable Input VAT of the said transaction for year 2021.

1. 0
2. 180,000
3. 201,600
4. 36,000
5. Not given

JKL Company purchased goods worth 11,200 as reflected in the purchase invoice. The entry to record the said purchase is?

1. DR: Purchases 10,000; DR: Input VAT 1,200; CR: Cash 11,200
2. DR: Purchases 10,000; CR: Cash 10,000
3. DR: Purchases 11,200; CR: Cash 11,200
4. Answer is not given.

DEF Company purchased a cash register worth 100,000 exclusive of VAT. It will be used for both VAT and non-VAT transactions. During the year, it had a sale of 672,000, including VAT, from its VATable transactions, while 400,000 from its non-VATable transaction. Compute the Creditable Input VAT that may be claimed from the said cash register.

1. 0
2. 4,800
3. 7,200
4. 12,000
5. Not given

GHI Company sold several goods worth P33,600 as reflected its sales invoice. The entry to record the said sale is?

1. DR: Cash 33,600; CR: Sales 30,000; CR: Output VAT 3,600
2. DR: Cash 33,600; CR: Sales 30,000; CR: VAT expense 3,600
3. DR: Cash 33,600; CR Sales 33,600
4. Answer is not given.

Taxpayers with a gross sales below P100,000 is subject to

1. Percentage Taxes
2. Value-added Tax
3. Both Percentage Taxes and VAT
4. Neither Percentage Taxes nor VAT

Deadline for the filing and payment of BIR Form 2550M

1. 10th day after the end of the month
2. 20th day after the end of the month
3. 25th day after the end of the month
4. Answer is not given.

VAT payable is arrived by deducting

1. Input VAT from Output VAT
2. Output VAT from Input VAT
3. The amount paid and reflected in the sales invoices
4. Answer is not given.

Deadline for the filing and payment of BIR Form 2550Q, including the VAT Relief

1. 10th day after the end of the quarter
2. 20th day after the end of the quarter
3. 25th day after the end of the quarter
4. Answer is not given.