1.
The following sales and purchases of goods were taken from the books of accounts
of a VAT Taxpayers?
Particulars January February March
Sales 560,000.00 896,000.00 840,000.00
Purchases 448,000.00 716,800.00 672,000.00
Compute the VAT Payable for the month of February and 1 st Quarter of the Year.
2. ABC Corporation, a Vat Taxpayer had the following Sales and purchases of vatable
goods, exclusive of VAT for the month of January 2017:
Sales to VAT Taxpayers 600,000.00
Sales to Non-VAT Taxpayers 500,000.00
Purchases from Non-Vat Taxpayers 200,000.00
Purchases from VAT Taxpayers 400,000.00
How much is the input Vat, Out Vat and Vat Payable for the month of January 2017?
3. DEF Corporation, a Vat Taxpayer had the following Sales and purchases of vatable
goods, inclusive of VAT for the month of January 2017:
Sales to VAT Taxpayers (Domestic) 600,000.00
Sales to Non-VAT Taxpayers (Domestic) 500,000.00
Export Sales (in US Dollars) $35,000.00
Sales of Fertilizers and seeds 250,000.00
Purchases from Non-Vat Taxpayers 200,000.00
Purchases from VAT Taxpayers 400,000.00
How much is the input Vat, Out Vat and Vat Payable for the month of January 2017?
4. Manila Air Corp. is a domestic air carrier with both domestic and international
operations. During the Month, it had the following gross receipts:
Particulars Domestic Operations International Corporations
Transport of passengers 50,000,000.00 50,000,000.00
Transport of cargoes 25,000,000.00 12,000,000.00
Compute the OUTPUT VAT.
5. On August 1, 2015, a real property dealer sold a commercial lot with the following
data:
Zonal Value 8,000,000.00
Assessed Value 7,500,000.00
Selling Price 7,900,000.00
A down payment of P800,000.00 was paid with the balance due in 60 monthly
installments of P200,000.00 starting September 1, 2015.
SALES OF PROPERTIES BY A DEALER
Mr. Manalo, a real property dealer, sold a commercial lot in January 2017 and has the
following data as follow:
Appraisal Value P6,000,000.00
Zonal Value 6,800,000.00
Assessed Value 6,500,000.00
Selling Price 7,000,000.00
Compute the Output VAT
Mr. Manalo, a real property dealer, sold a commercial lot in January 2017 and has the
following data as follow:
Appraisal Value P6,000,000.00
Zonal Value 5,900,000.00
Assessed Value 5,600,000.00
Selling Price 5,500,000.00
Compute the output VAT?
INSTALLMENT REPORTING OF OUTPUT VAT
On June 1, 2016, a real property dealer sold a commercial lot with the following data:
Zonal Value 6,000,000.00
Assessed Value 6,500,000.00
Selling Price 7,900,000.00
A down payment of P790,000.00 was paid with the balance due in 60 monthly
installments of P118,500.00 starting July 1, 2016.
Compute the output Vat to be recognized from June 1, 2016 – December 31, 2016
DEFERRED PAYMENT BASIS
On June 1, 2016, a real property dealer sold a commercial lot with the following data:
Zonal Value 5,000,000.00
Assessed Value 4,400,000.00
Selling Price 4,750,000.00
A down payment of P500,000.00 was paid with the balance payable in monthly
installments of P200,000.00 starting July 1, 2016.
Compute the output Vat to be recognized from June 1, 2016 – December 31, 2016
INTEREST and PENALTIES (INSTALLMENT REPORTING OF OUTPUT VAT cont.)
During the month of October 2016, a real property dealer is due to received the
following, net of VAT:
Installment 118,500.00
Interest 11,850.00
Penalty 5,925.00
How much will be the output VAT?
