VAT PHILIPPINES

Problem 1 ABC Corporation (VAT-registered) has the following data for the month of March: Gross Sales (VAT inclusive) 8,000,000 Sales Retums 400,000 Goods shipped on consignment (net) Units Unit Price March 25 40 10,000 February 14 30 10,000 January 8 20 10,000 Good withdrawn for use by the Company 50,000 Goods taken as payment to creditor 30,000 Purchases for the month (net of VAT): Goods 600,000 Supplies 75,000 Capital Goods (Useful Life - 4 years) 1,100,000 Freight and insurance 8,500 Salaries of employees 385,000 Additional Information: a) Received cash representing payment for ten (10) units delivered on February 14. The amount received was net of 10% commission b) A consigned reported and remitted 200,000 (gross of 10% commission) representing 20 units sold from goods consigned in March Required: Determine the VAT Payable for the month of March