Alex is in the course of trade selling real property. During the month of February, it had the following data (per sales document, inclusive of vat) Cash sales P560,000 Sales on deferred payment basis (initial payments exceeds 25% of selling price) 336,000 The real property sold for cash had a zonal value of P600,000 exclusive of vat and the property sold under deferred payment basis had a fair market value of P200,000, exclusive of vat. How much is the output vat on the sale of real property?

Alex is in the course of trade selling real property. During the month of February, it had the following data (per sales document, inclusive of vat) Cash sales P560,000 Sales on deferred payment basis (initial payments exceeds 25% of selling price) 336,000 The real property sold for cash had a zonal value of P600,000 exclusive of vat and the property sold under deferred payment basis had a fair market value of P200,000, exclusive of vat. How much is the output vat on the sale of real property?

Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter18: Accounting Periods And Methods

Section: Chapter Questions

Problem 53P

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