A VAT taxpayer had the following sales and purchases during the month: Sales, inclusive of VAT Php 336,000 Purchases, exclusive of VAT 250,000 Compute the gross income under each of the following independent cases: 5. The sale is VAT-exempt. 6. The sale is made to the government.
A VAT taxpayer had the following sales and purchases during the month: Sales, inclusive of VAT Php 336,000 Purchases, exclusive of VAT 250,000 Compute the gross income under each of the following independent cases: 5. The sale is VAT-exempt. 6. The sale is made to the government.
Chapter3: Business Income And Expenses
Section: Chapter Questions
Problem 5MCQ
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Question
A VAT taxpayer had the following sales and purchases during the month:
Sales, inclusive of VAT Php 336,000
Purchases, exclusive of VAT 250,000
Compute the gross income under each of the following independent cases:
5. The sale is VAT-exempt.
6. The sale is made to the government.
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