2.

A VAT-registered seller of goods reported the following during a month: Gross sales 500,000 Less: Cash discount for early p
000 Less: Cash discount for early payment 50,000 Sales returns 20,000 70,000 Net sales 430,000 What is the output VAT for the month? a
the output VAT for the month? a. P51,600 b. P54,000 c. P57,600 d. P60,000 Note: (P500,000 – P20,000) x 12% = P57,600 3. A restaurant
) x 12% = P57,600 3. A restaurant which also caters for special events had the following date which may be relevant in filing its BIR Form 2
be relevant in filing its BIR Form 2550M: Gross receipts from customers 500,000 Gross receipts from advanced reservations 50,000 Clien
dvanced reservations 50,000 Client balances evidenced by promissory notes 70,000 Total 620,000 Compute the output VAT. a. P60,000 b.
ute the output VAT. a. P60,000 b. P66,000 c. P68,400 d. P74,400 Note: (P500,000 + P50,000) x 12% = P66,000 4. A VAT-registered seller m
6,000 4. A VAT-registered seller merely indicated an amount of P300,000 on a bill without separately indicating the VAT thereon. What is
dicating the VAT thereon. What is the output VAT? a. P0 b. P32,143 c. P36,000 d. P40,000 Note: P300,000 x (12/112). Presumption: invoic
00 x (12/112). Presumption: invoice is inclusive of VAT. 5. A VAT-registered seller indicated the following in a VAT invoi
in a VAT invoi