Question
5. Taxpayer became subject to value-added tax on January 1, 2019, by registering under the VAT system. 2018 Jan. 2019 Net Sales Php 1,000,000 Php
5. Taxpayer became subject to value-added tax on January 1, 2019, by registering under the
VAT system.
2018 Jan. 2019
Net Sales Php 1,000,000 Php 100,000
Net purchases from VAT supplier 400,000 60,000
Inventory, end 22,000 10,000
How much is the VAT payable at the end of January 2019?
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Accounting
Authors: Carl S. Warren, James M. Reeve, Jonathan E. Duchac
22nd Edition
324401841, 978-0-324-6250, 0-324-62509-X, 978-0324401844
