Scribd
Upload
26 views1 page

Vat Return Problem

3D2Y Corporation reported VAT-exclusive financial information for the last quarter, with total sales of 2,290,000 and purchases of 1,160,000. The company also made significant capital purchases totaling 4,300,000 with varying useful lives. VAT due at the end of October, November, and December for 2020 and 2021 were detailed, showing amounts owed for each month.

Uploaded by

maeden.coronado
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
26 views1 page

Vat Return Problem

3D2Y Corporation reported VAT-exclusive financial information for the last quarter, with total sales of 2,290,000 and purchases of 1,160,000. The company also made significant capital purchases totaling 4,300,000 with varying useful lives. VAT due at the end of October, November, and December for 2020 and 2021 were detailed, showing amounts owed for each month.

Uploaded by

maeden.coronado
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
You are on page 1/ 1

3D2Y Corporation, a VAT-Registered enterprise, had the following financial information, VAT exclusive,

for the last quarter:

Sales October November December Quarterly Totals

Vatable sales to 300,000 300,000 420,000 1,020,000


private entities
Exempt sales 150,000 240,000 180,000 570,000
Sales to government 140,000 160,000 130,000 430,000
Export sales 130,000 80,000 60,000 270,000
Total 720,000 780,000 450,000 2,290,000

Purchase of goods from VAT October November December Quarterly Totals


Suppliers
Vatable sales to private entities 120,000 100,000 250,000 470,000
Exempt Sales 60,000 80,000 110,000 250,000
Sales to government 110,000 80,000 120,000 310,000
Export Sales 40,000 50,000 40,000 130,000
Total 330,000 310,000 520,000 1,160,000

3D2Y Corporation purchased depreciable goods on October 1 for 2,500,000 with an estimated useful life
of 3 years and another one on November 1 for 1,800,000 with an estimated useful life of 7 years. These
capital goods are being used for the benefit of the whole business. 3D2Y Corporation likewise had
excess input tax credit from the previous quarter amounting to 5,000.

Assuming the taxable year is 2020:

- VAT still due at the end of October – 6,823


- VAT still due at the end of November – 12,186
- VAT still due at the end of December – 8,252

Assuming the taxable year is 2021:

- VAT still due at the end of October – 1,803


- VAT still due at the end of November – 11,338
- VAT still due at the end of December - 974

You might also like