Ivan, vat registered real estate dealer sold a residential lot on October 2018. The following information was made available on the terms of the sale:
Ivan, vat registered real estate dealer sold a residential lot on October 2018. The following information was made available on the terms of the sale:
Chapter18: Accounting Periods And Methods
Section: Chapter Questions
Problem 53P
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P0
P360,000
P300,000
P108,000
Transcribed Image Text:Ivan, vat registered real estate dealer sold a residential lot on
October 2018.
The following information was made available on the terms of the
sale:
Gross selling price - P3,000,000
Initial payments consisting of down payment and installments in the
year of sale - 900,000
Balance to be paid in equal installments of P700,000 - 2,100,000
starting January 2019
The zonal value of the residential lot was P2,800,000
How much was the output tax due on October 2018?
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