Exercises 1. The following information taken from the books of a VAT-registered enterprise was provided to you: Domestic sales of goods P3,000,000 Sales of packaging materials to an export oriented enterprise whose export sales exceed 70% of the total annual production 2,000,000 Local sales of goodsto Asian Development Bank (ADB) 500.000 Consignment of goods (not turned within 60 days following the date of consignment 200,000 Goodstransferred for the personal use of the owner (cost is P90,000) market value (deemed sales) 100,000 How much was the a total taxable sales? b. The output tax using 12% VAT rate? 08 Exercises 2 AVAT - registered trade made the following sales of goods during the second calendar quarter of 2018 (net of VA T): P200,000 100,000 100,000 Cash sales Open account sales Installment sales( receipts P40,000) Consignment sales (not yet sold as of end of the quarter ); Line 15 May 15 April 15 (deemed sale ) How much is the output tax for the quarter using 12% rate? 100,000 100,000 100,000 Exercises 3. AVAT - registered contractor has the following selected VAT exclusive data for the month of lily 2018 Collections from contracts completed in 2017 P500,000 Collections from contracts complete in uly 2019, net of 10% retention on billings transferred by the payor to the account of the contractor 198,000 Materials charged with the services rendered, Lily, 2018 100,000 Payments for services rendered by a sub-contractor, Jily, 2018 200,000 How much is the: a. Gross receipts for lily 2018? b. Output tax for the month of July, 2018 using the 12% rate? Exercises 1. The following information taken from the books of a VAT-registered enterprise was provided to you: Domestic sales of goods P3,000,000 Sales of packaging materials to an export oriented enterprise whose export sales exceed 70% of the total annual production 2,000,000 Local sales of goodsto Asian Development Bank (ADB) 500.000 Consignment of goods (not turned within 60 days following the date of consignment 200,000 Goodstransferred for the personal use of the owner (cost is P90,000) market value (deemed sales) 100,000 How much was the a total taxable sales? b. The output tax using 12% VAT rate? 08 Exercises 2 AVAT - registered trade made the following sales of goods during the second calendar quarter of 2018 (net of VA T): P200,000 100,000 100,000 Cash sales Open account sales Installment sales( receipts P40,000) Consignment sales (not yet sold as of end of the quarter ); Line 15 May 15 April 15 (deemed sale ) How much is the output tax for the quarter using 12% rate? 100,000 100,000 100,000 Exercises 3. AVAT - registered contractor has the following selected VAT exclusive data for the month of lily 2018 Collections from contracts completed in 2017 P500,000 Collections from contracts complete in uly 2019, net of 10% retention on billings transferred by the payor to the account of the contractor 198,000 Materials charged with the services rendered, Lily, 2018 100,000 Payments for services rendered by a sub-contractor, Jily, 2018 200,000 How much is the: a. Gross receipts for lily 2018? b. Output tax for the month of July, 2018 using the 12% rate
