1.

Evelyn, a trader of appliances, made the following sales of goods during the month of March 2013,
exclusive of VAT:
Cash Sales P200,000
Open account sales 100,000
Installment Sales 100,000
Note: Receipt from installment
sales is P20,000
Consignment made: (net of VAT)
January 15, 2013 100,000
February 15, 2013 100,000
March 15, 2013 100,000
Output tax is: ____________________

Problem 2
The following are the data of Davao Appliances Marketing Co. for the last quarter of 2013:
Sales up to December 15, total invoice value P380,800
Purchases up to December 15, net of input taxes 150,000
Additional information:
On December 16, 2013, the Company retired from its business and the inventory valued at
P190,000 remained unsold. There is a deferred input tax from the third quarter of P3,500.

2. How much is the output tax? ________________

3. How much is the total value-added taxes payable by Davao Appliances Marketing Co.?
______________

4. Shok Tong Co. is a manufacturer of beer. During a particular quarter, it had the following
transactions (net of VAT):
January 4, 2013: Consigned beer to a retailer in Quezon City amounting to
P200,000
February 14, 2013: Exported P1,000,000 worth of beer to Japan
February 27, 2013: President of San-Mor Trading celebrated his birthday, consuming
P50,000 worth of beer given to him by the company as a birthday gift
March 20, 2013:Declared property dividend of one case of beer for every 10 shares,
amounting to P150,000

Additional information: From January to March, domestic sales to wholesalers amounted to

P600,000. No beer was returned by the consignee until the end of the quarter.

The output tax for the quarter is:

Questions 5-9 are based on the following information:

A VAT-registered trader has the following transactions:

Sales of good to private entities, net of VAT P2,500,000
Purchases of goods sold to private entities,
Gross of 12%VAT 896,000
Sales to a government owned corporation
(GOCC), net of VAT 1,000,000
Purchases of goods sold to GOCC, net of 12% VAT 700,000

5. How much is the output tax? _________________

6. How much is the standard input tax? _______________
7. How much is the creditable input tax? ___________________
8. How much is the input tax closed to expense (income)? ________________
9. How much is the VAT payable to the BIR? __________________

Tore Inc., a building contractor, showed to you the following data:

Contract Price P5,000,000
Cash Received (VAT included) 2,240,000
Receivables 3,000,000
Advances on other contracts still unearned
(without VAT) 1,000,000
Payments:
For materials, VAT excluded 500,000
For supplies, VAT excluded 100,000
For services of sub-contractors
(VAT included) 1,848,000
10. How much is the value added tax payable?