8.

A VAT- registered seller had the following summary of sales and consignments in April: Cash sales 200,000 Credit sales 150
ash sales 200,000 Credit sales 150,000 Sales reported by consignees 250,000 Unsold January consignment 50,000 Unsold February consign
nt 50,000 Unsold February consignment 30,000 Unsold March consignment 40,000 Unsold April consignment 65,000 Assuming that the ru
ment 65,000 Assuming that the rules on deemed sale was properly applied in prior months, what is the output VAT for April? a. P42,000 b
output VAT for April? a. P42,000 b. P75,600 c. P78,000 d. P81,600 Note: (P200k + P150k + P250k + P30k) x 12% = P75,600. The January un
k) x 12% = P75,600. The January unsold must have been deemed sold in March. 9. Delfin Corporation, a security dealer, declared the follow
security dealer, declared the following dividends in March 2020: Cash dividend 1,200,000 Property dividend 800,000 The property dividen
end 800,000 The property dividend represents various merchandise inventories. Compute the output VAT. a. P0 b. P96,000 c. P144,000 d
AT. a. P0 b. P96,000 c. P144,000 d. P240,000 Note: P800,000 x 12% = P96,000 10. After consecutive years of persistent losses, Luigi Corpo
rs of persistent losses, Luigi Corporation decided to liquidate its business. It had the following items in its possession upon term
s possession upon term