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Illustration: Data as of March 31, 2022 (amounts inclusive of VAT): CashSales 652,000 AccountSales 548,640 SalesReturns 56,000 GoodsonConsignment: January1,2022 March1,2022 23,600 50,400 GoodsTakenaspaymenttocreditors 94,000 Purchaseofmerchandiseandsupplies
Illustration: Data as of March 31, 2022 (amounts inclusive of VAT):
| CashSales | 652,000 |
| AccountSales | 548,640 |
| SalesReturns | 56,000 |
| GoodsonConsignment: January1,2022 March1,2022 | 23,600 50,400 |
| GoodsTakenaspaymenttocreditors | 94,000 |
| Purchaseofmerchandiseandsupplies | 392,000 |
| Telephonebillondomesticcalls | 11,200 |
Required:
Determine the VAT payable Subject: Business Taxation
Country: Philippines
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In the Philippines the Value Added Tax VAT is a consumption tax imposed on the sale of goods and ser...
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College Accounting A Practical Approach
Authors: Jeffrey Slater, Brian Zwicker
11th Canadian Edition
132564440, 978-0132564441
