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Problem I- Mr. A, VAT registered, started his bakeshop business in December, 2020 and has the following business transactions for 5 months: December January February

Problem I- Mr. A, VAT registered, started his bakeshop business in December, 2020 and has the following business transactions for 5 months:

December January February March April

Sales, exclusive of VAT P 400,000 P 500,000 P 600,000 P 700,000 P 800,000

Sales Discount availed, 2/10

Sales Returns, 5% of Sales

Purchases, inclusive of VAT 431,200 537,600 649,600 560,000 828,800

Required: Compute for the VAT payable (EIT) for each and every period.

The VAT rate is 12%.

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