Keith Christian C.
Reyes
BSA -- 2
Business Tax (Value Added Tax)
8-7 (MIXED TRANSACTIONS)
*Inclusive of vat
Sale of school supplies P1,680,000
Sale of gift items 1,008,000
Sales subject to output vat P2,688,000
Output Vat (2,688,000 x 3/28) P288,000
Less:
(Purchase of school supplies and gift items) (1,344,000 x 3/28) 144,000
(Purchase of books*zero rated
(Purchase of computers) (P448,000 x 1.12 = 48,000) x (2.4M/3.6M = 0. 666..) P32,000
Input Vat (176,000)
Total Vatable Sales net of vat P2,400,000
Non-vatable sales P1,200,000
Total Sales, net (vatable and non-vatable) P3,600,000
Vat Payable P112,000
8-9
a) Determine the total input tax
Purchases of goods for domestic sales P374,000
Purchases of supplies on domestic sales 69,848
Purchase of service 154,000
Purchase of goods for export 55,000
Subject to tax P652,848
Vat Rate 3/28
Input Vat P69,984
b) Determine the value added tax payable if excess input taxes on exports are claimed as tax
credit
Domestic sales P330,000
Other domestic sales (sales to export traders) 274,996
Subject to tax P 604,996
Output vat (604,996 x 3/28) P64,821
Less: Input Vat (69,984)
Vat Payable (P5,163)
8-13
a) Determine the presumptive input vat
Tomatoes purchased from farmers P85,000
Presumptive vat X 4%
Presumptive input vat P3,400
b) Determine the value added tax payable/excess input tax of JJ
SALES P800,000
X 12%
Output vat P96,000
Less:
Input Vat Presumptive (Tomatoes 85,000 x 4%) (3,400)
Purchased of olive oil (67,200 x 1.12%) (7,200)
Purchased of can containers (25,000 x 12%) (3,000)
Payments for paper labels (P12,000 x 12%) (1,440)
Purchased of cardboard for boxes (P8,960 x1.12%) (960)
Input Vat (16,000)
Vat Payable P80,000
