BUSINESS TAXATION

PLEASE SHOW SOLUTION

Question 64 2 pts ABC Corp., a VAT-registered taxpayer, disclosed the following information: Quarter Period Gross sales VAT Purchases VAT Paid January Php 2,000,000 1,500,000 60,000 February Php 1,000,000 600,000 48,000 1st March Php 1,000,000 500,000 60,000 Total Php 4,000,000 2,600,000 168,000 April Php 2,000,000 1,800,000 24,000 May Php 2,000,000 1,600,000 48,000 2nd June Php 2,000,000 3,000,000 0 Total Php 6,000,000 6,400,000 72,000 July Php 2,000,000 2,500,000 0 August Php 1,000,000 500,000 60,000 3rd September Php 1,000,000 300,000 0 Total Php 4,000,000 3,300,000 60,000 October Php 2,000,000 1,000,000 120,000 November Php 2,000,000 2,500,000 0 4th December Php 2,000,000 1,500,000 0 Total Php 6,000,000 5,000,000 120,000 Note: DO NOT ASSUME THAT THE AMOUNTS ARE WRONG How much is the CORRECT total VAT still due and payable (overpayment) for 4th Quarter? NOTE: use parenthesis if overpayment Example, if your answer is an overpayment of Php 123,456.78, write (123457)