II.

Enumeration

1-13 Common Philippines Taxes

14-15 2 Types of Merchandise Transaction Taxes
16-20 Transactions Under Input Tax
21-25 Transactions Under Output Tax
26-27 Two major accounts during closing of entries
28-30 Three Real Accounts

III. Computation. The following are transaction related to the purchase of merchandise of
Dram Trading from Getar Enterprises.

Dec 11 Dram Trading purchased merchandise on account from Getar Enterprises in the
amount of P336,000 inclusive of 12% VAT, Terms 1/15, n/30

Dec 12 Dram Trading returned to Getar Enterprises defective merchandise worth P56,
000 inclusive of 12% VAT

Dec 14 Dram Trading sold merchandise to Floot Merchandising for P280,000 cash
inclusive of 12% VAT

Jan 8 Dram Trading paid VAT

Prepared by: Checked by:

BRIAN REYES GANGCA ENGR. EVA M. OLOFERNES

Subject Teacher Basic Education Principal