A. XYZ Co. is a VAT trader. It had the following data in a month.

VAT not included:

Cash sales
On account sales
Consignment sales (at suggested retail price):
0-60 days (on which the consignee remitted an amount of P300,000)
61 to 100 days old
Sales returns and allowances:
On cash sales
On account sales
1. How much is the output VAT on the sales for the month?_______________

Cash sales ₱ 2,000,000

On account sales 4,000,000

Total sales ₱ 6,000,000

Less: Sales returns and allowances:
On cash sales ₱ 150,000
On account sales 300,000
Total returns and discount ₱ 450,000
Net Sales ₱ 5,550,000
VAT Rate 12%
Output Tax ₱ 666,000

B. ABC Co. is a VAT trader. It had the following data for the month of June. VAT not included:
Cash sales
Sales on account
Installment sales
Consigned goods (at suggested retail price)(not yet sold as of the end of the month)
Date consigned Amount
April 15 P 100,000
May 15 120,000
June 15 140,000
2. How much of the consigned goods is subject to VAT?__________________
3. How much is the output tax on the sales for the month?_________________

Cash sales ₱ 200,000

Sales on account 100,000
Installment sales 100,000

Total Sales ₱ 400,000

VAT Rate 12%
Output Tax ₱ 48,000

C. The taxpayer is a real estate dealer. The following are the data pertaining to the company sales.
Consideration on the sale, per deed of sale
Zonal Value
Fair market value in the assessment rolls
Payments as follows:
March 5, 2018(date of sale)
March 5, 2019
March 5, 2020

4. How much is the value added tax shown in the deed of sale?_____________________
5. How much is the output value-added tax on March 5, 2018 collection?______________
6. How much is the output value-added tax on March 5, 2019 collection?______________
7. How much is the output value-added tax on March 5, 2020 collection?_______________

Ratio of initial payment

Initial payment March 5, 2018 ₱ 1,200,000 1,200,000 / 4,800,000
The ratio did not exceed 25%. The sale qualifies as a sale on installment plan.
The output VAT on the sale maybe reported in installment.

Value added tax shown in the deed of sale

Output VAT on March 5, 2018 - date of sale
Output VAT on March 5, 2019 (Annual output vat)
Output VAT on March 5, 2020

D. Co. is a VAT trader. It had the following data in a month, VAT not included:
Sales ₱ 3,500,000
Sales Returns and Allowances 450,000
Costs and expenses-
Purchases of goods from VAT suppliers 750,000
Purchases of goods from non-VAT suppliers 150,000
Purchases of services from VAT providers 80,000
Purchases of services from non-VAT providers 65,000
Salaries of employees 320,000

8. How much is the output tax?__________________ ₱ 366,000

9. How much is the input tax? ____________________ ₱ 99,600
₱ 266,400
10. How much is the value-added tax payable?_____ _______________

Sales ₱ 3,500,000
Sales Returns and Allowances 450,000
Net Sales ₱ 3,050,000
VAT Rate 12%
Output Tax ₱ 366,000

Purchases of goods from VAT suppliers ₱ 90,000

Purchases of services from VAT providers 9,600
Input Tax ₱ 99,600
VAT Due ₱ 266,400
not included:
₱2,000,000
4,000,000

1,500,000
800,000

150,000
300,000
₱ 666,000 ₱ 762,000

Cash sales ₱ 2,000,000

On account sales 4,000,000
61 to 100 days old 800,000
Total sales ₱ 6,800,000
Less: Sales returns and allowances:
On cash sales ₱ 150,000
On account sales 300,000
Total returns and discount ₱ 450,000
Net Sales ₱ 6,350,000
VAT Rate 12%
Output Tax ₱ 762,000

AT not included:
₱ 200,000
100,000
100,000

₱ 100,000
₱ 48,000 ₱ 60,000

₱ 200,000
 100,000
100,000
Consigned goods still held by con 100,000
₱ 500,000
12%
₱ 60,000

he company sales.
₱ 4,800,000
4,500,000
5,200,000 which ever is higher

₱ 1,200,000
1,800,000
1,800,000

________________ ₱ 624,000
on?______________ ₱ 156,000
on?______________ ₱ 234,000
on?_______________ ₱ 234,000

of initial payment
,000 / 4,800,000 = 25%
a sale on installment plan.

Computation:
₱ 624,000 5,200,000 x 12%
156,000 1200000/4800000*624000
ual output vat) 234,000 1800000/4800000*624000
234,000 1800000/4800000*624000
750000*12%
80000*12%

366,000 - 99,600