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You are provided with the following information relating to ABC company, for the quarter ended 30 April year N: 1. Sales: - 10% supplies (excluding

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You are provided with the following information relating to ABC company, for the quarter ended 30 April year N: 1. Sales: - 10% supplies (excluding VAT) VND 200,000,000 - Zero - rated supplies VND 150,000,000 - Exempt supplies VND 50,000,000 2. Input VAT had been paid - For production 10% supplies VND 7,000,000 - For production Zero - rated supplies VND 4,000,000 - For production Exempt supplies VND3,000,000 - General overhead VND4,000,000 Required: Compute the VAT payable for the quarter ended 30 April year N. Given that: - ABC applies credit method; -Zero - rated supplies are supported with sufficient documents as prescribed by law; - All purchases were supported with legitimate invoices; - Bank payments are used to the above purchase; - The general overhead cannot be directly attributed to any of the listed supplies

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