10. Jagiya, a non-vat taxpayer, purchased merchandise worth P11, 200, vat inclusive, from Willie, a Vat registered seller. The passed on vat of P1, 200 on the purchases is a. Expense b. Cost of purchases C. tax credit d. ignored
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- 1. The taxpayer is VAT-registered. He purchased goods from a VAT-supplier for 200,000 price exclusive of VAT. He sold the goods for 448,000 inclusive of VAT. In preparing the journal entry, how much should be debited to "Purchases"? A. 200,000 B. 224,000 2. The taxpayer is VAT-registered. He purchased goods from a VAT-supplier for 200,000 price exclusive of VAT. He sold the goods for 448,000 inclusive of VAT. In preparing the journal entry, how much should be credited to "Sales"? A. 448,000 B. 400,000 3. The taxpayer is NON-VAT-registered. He purchased goods from a VAT-supplier for 200,000 price exclusive of VAT. He sold the goods for 448,000. How much input can he claim? A. 24,000 B. zeroMs. Callie sold goods worth P201,600 (inclusive of vat) to Ms. Dani on account. Ms. Dani purchased goods from Mr. Elise worth P200,000 (exclusive of vat) on account.All of them are VAT registered taxpayers. How much is the balance of input tax of Dani at the end of the period? How much is the balance of Purchases account of Ms. Dani at the end of the period?1. The taxpayer is VAT-registered. He purchased goods from a VAT-supplier for 200,000 price exclusive of VAT. He sold the goods for 448,000 inclusive of VAT. How much is the output VAT? A. 48,000B. 53,760 2. The taxpayer is VAT-registered. He purchased goods from a VAT-supplier for 200,000 price exclusive of VAT. He sold the goods for 448,000 inclusive of VAT. How much is the input VAT? A.24,000B. 26,880 3. The taxpayer is VAT-registered. He purchased goods from a VAT-supplier for 200,000 price exclusive of VAT. He sold the goods for 448,000 inclusive of VAT. How much is the NET VAT Due and payable? A. 26,880 B. 24,000
- 36 ZZZ is engaged in a VAT-business and a non-VAT business. Her records show the following data, no tax included, for the taxable year: Sales From VAT business P 6,000,000 From non-VAT business 4,000,000 Purchases of goods For VAT business from VAT suppliers 3,000,000 For non-VAT business 2,000,000 Purchases from VAT suppliers of supplies used for VAT and non-VAT Business 30,000 Expenses incurred for both VAT and non-VAT business (70% of these expenses were paid to VAT-registered enterprises) 100,000 The VAT payable is:The taxpayer started operating a grocery store during 2015. He submits the following data: Merchandise Inventory P 469,000 Gross sales 2,814,000 Purchases from VAT registered entities (net) 1,563,000 Purchases from non-VAT registered entities 312,000 Determine the following: What is the applicable business tax for the taxpayer? How much is the correct business tax due? Assume the taxpayer is non-VAT registered, how much is the VAT payable for the year? Assume the taxpayer is VAT registered, how much is the VAT payable for the year?Johnson’s Hardware, a registered taxpayer, during the month of December purchased $100 000 of standard rate merchandise. During the same month cutlass costing $300 000 and taxable consulting services amounted to $90 000 was incurred respectively. The total sales inclusive of GCT for the month amounted to $1 500 000. All merchandise purchased was sold with a mark rate of 30%. Required: a. List four (4) obligations of Johnson’s hardware as a registered taxpayer. b. Differentiate between the following terminologies: i. tax avoidance and tax evasion ii. input and output tax iii. standard rated items and zero rated items. c. Compute the following for the month of December 2013 for Johnson’s hardware: i. total input tax ii. output tax iii. tax liability
- [Third Item: Multiple Choice] Yvonne, a non-VAT registered taxpayer, operates a small variety store. Her gross sales or receipts of the preceding taxable year did not exceed P3,000,000. In July, of the current taxable year, the records presented the following data: Gross Sales P250,000 Purchases from a VAT-registered person 180,000 Merchandise Inventory, ending 100,000 The amount of percentage tax due and payable is a. P7,500 b. P8,400 c. P 5,400 d. P30,000[First Item] The following statements are correct relative to a non-VAT registered taxpayer with a gross annual sale of not more than P3,000,000, except: a. The taxpayer is subject to 3% percentage tax. b. The taxpayer may opt to register under the excise tax system based on the value of goods sold at the appropriate tax rate. c. The taxpayer may opt to register under the 12% value -added tax system. d. The taxpayer, once registered under his/her preferred option, shall not be allowed to cancel his/her registration for the next three years1. Jessie is a non-VAT seller of goods. Since he has no official receipts or invoices to support his expenses, he opted for the Optional Standard Deduction (OSD). When he filed his income tax return, he intentionally applied the rate of 20% on his gross sales. In this case, Jaime applied this type of scheme: a. Capitalization b. Shifting c. Evasion d. Avoidance
- 1. The taxpayer is NON-VAT-registered. He purchased goods from a VAT-supplier for 200,000 price exclusive of VAT. In preparing the journal entry, how much should be debited to Purchases? A. 200,000 B. 224,000 2. A VAT taxpayer purchased goods for P900,000 and paid input VAT of P108,000 for the same. He sold the goods directly to a non-resident customer in Indonesia for a total of P1,200,000 equivalent. How much is the excess input VAT? A. 108,000 B. zero 3. A VAT taxpayer purchased goods for P900,000 and paid input VAT of P108,000 for the same. He sold the goods directly to a non-resident customer in Indonesia for a total of P1,200,000 equivalent. How should the excess input VAT be treated? A. As a tax credit (deduction against other output VAT or revenue tax) B. As a tax refund C. either of the two aboveTRUE OR FALSE It is mandatory to register as a VAT Taxpayer once the sales exceed 3M. During Cory Aquino's presidency, 10% VAT was introduced and only selected products was covered by the tax. Internal Financing is subject to voluminous documentation and timing is unpredictable. More transaction costs and subject to pay-out and control restrictions. The name of the account stated in the Purchase Journal is the same as the Chart of Account used in the recording of the transaction. 2550M BIR Form is used for Percentage Tax Remittances also.Assume the following transactions with the corresponding invoice cost, inclusive of Value Added Tax, if applicable: Apol, non-vat taxpayer, sells to LJ, vat taxpayer P89,600LJ, vat taxpayer, sells to Chris, vat taxpayer P134,400Chris, vat taxpayer, sells to Abi P201,600Abi, nonvat taxpayer, exported the goods in Canada P300,000 Required: Determine the following:A Vat payable of ApolB Vat payable of LJC Vat payable of ChrisD Vat payable of Abi