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Vat 4

The document provides input tax amounts for various months in 2018 and the quarter ending June 2018. It also provides information on unutilized input VAT that can be applied against output VAT until fully utilized. The last few questions provide additional VAT related scenarios and calculations.

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Allen Kate
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1K views4 pages

Vat 4

The document provides input tax amounts for various months in 2018 and the quarter ending June 2018. It also provides information on unutilized input VAT that can be applied against output VAT until fully utilized. The last few questions provide additional VAT related scenarios and calculations.

Uploaded by

Allen Kate
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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I.

The input tax for April 2018 is


a. P 216,000
b. P     4,000
c. P   98,000
d. P 122,000

II. The input tax for May 2018 is


a. P 124,000
b. P 120,000
c. P 8,000
d. P 4,000

III. The input tax for June 2018 is


a. P     4,400
b. P     8,400
c. P 216,000
d. P 146,000

IV. The input tax for the quarter ending June 2018 is
a. P 126,400
b. P 134,400
c. P 136,400
d. P   12,400

V. On January 2022, how much unutilized VAT may the taxpayer apply against any
output VAT until it is fully utilized?
a. P 65,000
b. P 70,500
c. P 76,800 
d. None of the above.

29. The following are the data of City Appliance Marketing Corporation, for the last quarter
of 2017.
Sales up to December 15, total invoice value P 336,000
Purchases up to December 15, net of input tax 215,000

Additional information:

On December 16, 2017, City Appliance Marketing Corporation retired from its business
and the inventory valued at P190,000 was taken and transferred to New City Appliance
Corporation. There is a deferred input tax from the third quarter of P3,500.
How much is the total VAT due and payable by City Appliance Marketing Corporation in
its operations and retirement from business in the last quarter of 2017?
a. P 22,500
b. P   3,500
c. P   6,350
d. P 29,500

30. Assuming that New City Appliance Corporation has the following data for the first
quarter of 2018:
Sales, total invoice value P 448,000
Purchases, total invoice 224,000
value

How much is the VAT payable of New City Appliance Corporation for the first quarter
of 2018?
a. P 28,000
b. P   1,200
c. P 30,000
d. P 24,000

31. A Refining Company manufactures refined sugar. It had the following data during the
first quarter of 2018:
Sales of refined sugar, net of VAT P 2,000,000
Purchases from farmers of sugar cane used in manufacture of refined 500,000
sugar
Purchases of Packaging materials, gross of VAT 784,000
Purchases of labels, gross of VAT 112,000

The VAT payable is


a. P 124,000
b. P 112,500
c. P   70,000
d. P   62,000

32. “A” is a VAT-registered dealer of appliances. The following data are for the last quarter
of 2018:
Sales, net of output tax P 6,800,000
Purchases, net of input 5,500,000
tax
Sales returns  200,000
Purchase returns 300,000
Deferred input tax  9,500

The VAT payable for the last quarter of 2018 by A is


a. P 120,500
b. P   70,500
c. P   80,000
d. P 158,500

33. A VAT registered person is engaged in the sale of VAT taxable goods and at the same
time is also engaged in a non-VAT business, in the same business establishment. During
the year, total sales of the VAT business amounted to P336,000, inclusive of VAT. The
sales of the non-VAT business amounted to P200,000 with a separate percentage tax of
P6,000 for a total of P206,000. During the same quarter, repairs on the building amounted
to P50,000 plus VAT of P6,000. Supplies purchased for common use amounted to
P10,000 plus P1,200 VAT.   Purchase of supplies directly attributable/related to VAT-
taxable sales amounted to ₱15,680, gross of VAT.  The VAT payable is
a. P 24,000
b. P 25,000
c. P 30,000
d. P 26,400

34. M, building contractor, showed to you the following data


Contract price, net P 5,000,000
Cash received for labor (VAT included) 3,000,000
Cash received for materials (VAT included) 360,000
Receivables 2,000,000
Advances on other contracts still unearned (with VAT) 1,120,000
Cash received and held in trust, to be paid to one of his  
     suppliers, Acme Warehouse, gross of VAT 560,000

Payments to VAT-registered suppliers:


            For materials, net of VAT 500,000
            For supplies, net of VAT 100,000
            For services of sub-contractors (VAT included) 1,680,000
Operating expenses 200,000

The VAT payable of M is


a. P 228,000
b. P 348,000
c. P 350,000
d. None of the above.

35. A, a VAT taxpayer, billed his customer:


Selling Price P 500,000
Value Added Tax     70,000
Total P 570,000
The output tax is
a. P 70,000
b. P 60,000
c. P 61,071
d. P 68,400

36. A PEZA-registered enterprise is paying the 5% preferential tax in lieu of all other taxes.  It is
not VAT-registered.   Can the same enterprise claim a TCC or refund from any VAT that it
pays on its purchases?
a) Yes, because it should not be paying the VAT as it is exempt from all taxes whether
direct or indirect.
b) No.  Since it is VAT-exempt, it is not allowed to claim a refund of input tax paid.
c) Yes, because the issuance of a VAT invoice to the PEZA-registered enterprise was
erroneous.
d) None of the above.

37. JL went out on a date with Ceil, and her uncle, Tito Chris (senior citizen),  in Mike’s Bistro
for Ceil’s birthday.  They ordered food which they all shared, and the total bill amounted to
₱6,000, gross of VAT.
How much will Mike’s Bistro bill JL?
a) P1,785.71 c)  P5,428.57
b) P   357.14 d)  None of the above

38. In 2019, M Corporation made total sales of ₱200,000 (net of VAT) to the government.  Purchases of
supplies directly attributable to such sales amounted to ₱120,000, net of VAT.    Unattributed input
tax allocated to such sales amounted to ₱4,800.  The government withheld a 1% EWT on such
purchases. 

How much will M Corporation receive from the government?  

a) P210,000 c)  P212,000


b) P200,000 d)  None of the above

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