66. ABC Corp., a VAT-registered taxpayer, disclosed the following information: Quarter Period Gross Sales VAT Purchases VAT Paid 1st January Php 2,000,000 1,500,000 60,000 February Php 1,000,000 600,000 48,000 March Php 1,000,000 500,000 60,000 Total Php 4,000,000 2,600,000 168,000 2nd April Php 2,000,000 1,800,000 24,000 May Php 2,000,000 1,600,000 48,000 June Php 2,000,000 3,000,000 0 Total Php 6,000,000 6,400,000 72,000 3rd July Php 2,000,000 2,500,000 0 August Php 1,000,000 500,000 60,000 September Php 1,000,000 300,000 0 Total Php 4,000,000 3,300,000 60,000 4th October Php 2,000,000 1,000,000 120,000 November Php 2,000,000 2,500,000 0 December Php 2,000,000 1,500,000 0 Total Php 6,000,000 5,000,000 120,000 Note: DO NOT ASSUME THAT THE AMOUNTS ARE WRONG. How much is the CORRECT total VAT still due and payable (overpayment) for 4th Quarter? NOTE: use parentheses if overpayment. Example, if your answer is an overpayment of Php 123,456.78, write (123457).
66. ABC Corp., a VAT-registered taxpayer, disclosed the following information:
|
Quarter |
Period |
Gross Sales |
VAT Purchases |
VAT Paid |
1st |
January |
Php 2,000,000 |
1,500,000 |
60,000 |
|
February |
Php 1,000,000 |
600,000 |
48,000 |
|
|
March |
Php 1,000,000 |
500,000 |
60,000 |
|
|
Total |
Php 4,000,000 |
2,600,000 |
168,000 |
|
2nd |
April |
Php 2,000,000 |
1,800,000 |
24,000 |
|
May |
Php 2,000,000 |
1,600,000 |
48,000 |
|
|
June |
Php 2,000,000 |
3,000,000 |
0 |
|
|
Total |
Php 6,000,000 |
6,400,000 |
72,000 |
|
3rd |
July |
Php 2,000,000 |
2,500,000 |
0 |
|
August |
Php 1,000,000 |
500,000 |
60,000 |
|
|
September |
Php 1,000,000 |
300,000 |
0 |
|
|
Total |
Php 4,000,000 |
3,300,000 |
60,000 |
|
4th |
October |
Php 2,000,000 |
1,000,000 |
120,000 |
|
November |
Php 2,000,000 |
2,500,000 |
0 |
|
|
December |
Php 2,000,000 |
1,500,000 |
0 |
|
|
Total |
Php 6,000,000 |
5,000,000 |
120,000 |
Note: DO NOT ASSUME THAT THE AMOUNTS ARE WRONG.
How much is the CORRECT total VAT still due and payable (overpayment) for 4th Quarter?
NOTE: use parentheses if overpayment.
Example, if your answer is an overpayment of Php 123,456.78, write (123457).
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