Jolas Realty Corp. in the course of the trade sells real property. During the month of January 2007 had the following data per sales document (VAT included): Cash sales P 560,000 Sale on deferred payment basis (initial payments exceed 25% of the selling price) 336,000 The real property sold for cash had a zonal value of P600,000 (excluding VAT) and the property sold under deferred payment basis had a fair market value of P200,000 (excluding VAT) How much is the output VAT on the sale of real property?

Jolas Realty Corp. in the course of the trade sells real property. During the month of January 2007 had the following data per sales document (VAT included): Cash sales P 560,000 Sale on deferred payment basis (initial payments exceed 25% of the selling price) 336,000 The real property sold for cash had a zonal value of P600,000 (excluding VAT) and the property sold under deferred payment basis had a fair market value of P200,000 (excluding VAT) How much is the output VAT on the sale of real property?

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter11: Long-term Assets

Section: Chapter Questions

Problem 5EB: Steele Corp. purchases equipment for $30,000. Regarding the purchase, Steele paid shipping of...

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