Your business had the following information for the 2nd quarter (all amounts are inclusive of VAT):...
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Your business had the following information for the 2nd quarter (all amounts are inclusive of VAT): Sales to Private Customers Sales to Government Purchases from VAT suppliers Purchases from non-VAT suppliers April Required: 1. Prepare necessary Journal Entries for each month. 44,800 28,000 22,400 May P33,600 39,200 June P67,200 11,200 56,000 Total P145,600 11,200 123,200 22,400 The sales to government of P11,200 was made to the Batangas City Government. The goods have been purchased for P7,500, plus input VAT of P900. Upon payment of the goods sold, the city government issued a Certificate of Final Tax Withheld at Source (BIR Form 2306) with an amount of P500. Your business had the following information for the 2nd quarter (all amounts are inclusive of VAT): Sales to Private Customers Sales to Government Purchases from VAT suppliers Purchases from non-VAT suppliers April Required: 1. Prepare necessary Journal Entries for each month. 44,800 28,000 22,400 May P33,600 39,200 June P67,200 11,200 56,000 Total P145,600 11,200 123,200 22,400 The sales to government of P11,200 was made to the Batangas City Government. The goods have been purchased for P7,500, plus input VAT of P900. Upon payment of the goods sold, the city government issued a Certificate of Final Tax Withheld at Source (BIR Form 2306) with an amount of P500.
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Financial and Managerial Accounting the basis for business decisions
ISBN: 978-0078025778
17th edition
Authors: Jan Williams, Susan Haka, Mark Bettner, Joseph Carcello
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