VAT_No. 5

September 15, 2017 | Author: Jay-ar Pre | Category: Value Added Tax, Value Added, Invoice, Taxes, Payments
Share Embed Donate

Short Description




PROF. R.E. HERMOSILLA Instructions: Select the best answer from choices A, B, C and D by encircling the letter of your choice corresponding to your answer. 1. On January 5, 2007, Smarty Co., VAT-registered, sold on account goods for P112,000 to Global Corp. The term was 2/10, n/30. Payment was made on January 10, 2007. The total amount due is: a. P112,000 b. P98,000 c. P109,760 d. P100,000 2. Goldis sells cakes and pastry items to well-known hotels and restaurants in Metro Manila. The hotels and restaurants are allowed credit based on their track record. The total amounts received or receivable from sales by Goldis in January of 2007 were P224,000, including the value-added tax. 75% of the sales are normally on account. How much is the value-added tax on the sales amount for the month of January 2007? a. P22,400 b. P26,880 c. P20,000 d. P24,000 3. Wonder Corp. is a value-added tax registered dealer of appliances. The following data are for its calendar month ended January 31, 2007: Sales, total invoice value P6,720,000 Purchases, net of input taxes 5,500,000 Sales return 201,600 Purchases return 300,000 Deferred input taxes (carried over from the third quarter) 9,500 The value-added tax payable for Wonder Corp.’s calendar month ended January 31, 2007 is: a. P50,500 b. P60,000 c. P64,900 d. P74,400 4. Orofar, a trader, made the following sales of goods during the month of January 2008, exclusive of VAT: Cash sales P200,000 Open account sales 100,000 Installment sales 100,000 Note: Receipt from installment sale is P40,000. Consignment made (net of VAT): December 15, 2007 100,000 October 15, 2007 100,000 September 15, 2007 100,000 Output tax is: a. P84,000 b. P72,000 c. P60,000 d. P48,000 5. Winery is a manufacturer of wine. During a particular calendar quarter, it had the following transactions (net of VAT): Jan. 4, 2007 : Consigned wine to a retailer in Makati City amounting to P200,000. Feb. 14, 2007 : Exported P1,000,000 worth of wine to Spain. Feb. 27, 2007 : President of Winery celebrated his birthday, consuming P50,000 worth of wine given to him by the company as a birthday gift. Mar. 20, 2007 : Declared property dividend of one case of wine for every 10 shares, amounting to P150,000. The output tax for the calendar quarter ended March 31, 2007 is: a. P48,000 b. P168,000 c. P140,000 d. P40,000 6. The following are data of Samson Appliances for the month ended January 31, 2007: Sales up to January 15, total invoice value P319,200 Purchases up to January 15, net of input taxes 215,000 Additional information: On January 16, 2007, Samson Appliances retired from its business and the inventory valued at P190,000 net of input taxes was taken and transferred to Allied Appliances. There is a deferred input taxes from the last quarter of P3,500. How much is the total value-added tax due and payable by Samson Appliances in its operations for the month ended January 31, 2007 and its retirement from business? a. P10,260 b. P27,700 c. P31,200 d. P31,804 Items 7 and 8 are based on the following information: Lovely had the following data on its operations for a month as a VAT-registered taxpayer: Sales, total invoice price P592,480 Purchases of goods, VAT not included: From VAT-registered persons 100,000 From non-VAT registered persons 80,000 Purchases of services, VAT not included: From VAT-registered persons 20,000 From non-VAT registered persons 8,000 From persons subject to percentage taxes 10,000 Salaries of employees 60,000 Other operating expenses 12,000 This is the first month of being liable to the value-added tax. Data on inventories at the beginning of the period bought from VAT registered persons follow: Inventory, at cost P44,800 at net realizable value 49,000 Value-added tax paid on beginning inventory 4,800


Page 2 of 5


Input taxes are: a. P24,800 b. P20,400 c. P19,200 d. P19,650 8. The value-added tax payable is: a. P43,830 b. P44,280 c. P46,680 d. P59,248 Items 9 through 12 are based on the following data: Virgin is a producer of cooking oil from coconut and corn. Previously exempt from the value-added tax, he became subject to the value-added tax on January 1, 2008. For January 2008, with sales, value-added tax not included, of P700,000, he had the following other data for the month: Inventory, January 1, 2008: NRV Cost Corn and coconut purchased from farmers P120,000 P100,000 Packaging materials purchased from VAT suppliers 24,640 22,400 Supplies purchased from VAT suppliers 11,200 13,440 Purchases during the month of coconut and corn from farmers 330,000 Purchases during the month from VAT suppliers: Packaging materials 56,000 Supplies 16,800 9. The transitional input tax is: a. P672 b. P762 c. P3,600 d. P4,080 10. The presumptive input tax is: a. P13,200 b. P33,000 c. P6,600 d. P39,600 11. The creditable input taxes are: a. P21,762 b. P24,600 c. P25,080 d. P21,672 12. The value-added tax payable for the month is: a. P62,328 b. P58,920 c. P59,400 d. P62,238 13. Data for a trader with one line of business subject to the value-added tax and another line of business not subject to the value-added tax: Sales, VAT business, VAT included P896,000 Sales, non-VAT business 200,000 Purchases of goods, VAT business, VAT included 224,000 Purchases of goods, non-VAT business, VAT included 33,600 Purchase of depreciable asset, for use in VAT and non-VAT business, VAT included 112,000 Purchases of supplies, for VAT and non-VAT business, VAT included 2,240 Rental of premises, for VAT and non-VAT business, from non-VAT registered person 22,400 The value-added tax payable is: a. P59,808 b. P62,208 c. P82,608 d. P86,208 Items 14 through 16 are based on the following information: All amounts given are total invoice costs/prices: A, non-VAT taxpayer, sells to B, VAT taxpayer P 67,200 B, VAT taxpayer, sells to C, VAT taxpayer 100,800 C, VAT taxpayer, sells to D, VAT taxpayer, an exporter 168,000 D, VAT taxpayer, exports 300,000 14. The value-added tax of B: a. Payable of P3,600 b. Payable of P10,080 c. Payable of P10,800 d. Payable of P12,096 15. The value-added tax of C: a. Payable of P7,200 b. Payable of P8,064 c. Payable of P6,720 d. Refundable of P10,900 16. The value-added tax of D: a. Payable of P18,000 b. Payable of P36,000 c. Refundable of P18,000 d. Refundable of P36,000 17. In a month, total invoice prices/costs: Domestic sales P 672,000 Export sales 1,500,000 Purchases from VAT-registered persons of: Goods exported 560,000 Goods sold in the Philippines 224,000 Operating expenses 112,000 The input taxes attributable to export sales which may be refunded or credited against other internal revenue taxes, including any value-added tax on domestic sales, is: a. P60,000 b. P24,000 c. P84,000 d. P96,000 Items 18 through 21 are based on the following data:

Data from the books of accounts of a VAT taxpayer for January 2008: Sales

Domestic P2,000,00 0

Exports P8,000,000

Purchases: From VAT taxpayers of: Goods for sale 600,000 2,400,000 Supplies and services 90,000 360,000 From non-VAT taxpayers of: Goods for sale 100,000 1,500,000 Supplies and services 20,000 80,000 There was no inventory at the beginning or end of the taxable period. 18. The value-added tax payable on the domestic sales is:

Total P10,000,00 0 3,000,000 450,000 1,600,000 100,000



Page 3 of 5

a. P119,000 b. P131,000 c. P157,200 d. P142,800 19. The input taxes attributable to zero-rated sales is: a. P276,000 b. P331,200 c. P340,800 d. P330,240 20. If the input taxes attributable to zero-rated sales are claimed as tax credit, the net input value-added tax refundable is: a. P157,000 b. P200,200 c. P187,440 d. P174,000 21. The gross profit from sales for the period is: a. P4,850,000 b. P6,550,000 c. P5,400,000 d. P4,950,000 Items 22 and 23 are based on the following data: Analysis of the balances in selected accounts of a taxpayer, with VAT and non-VAT business, showed: Purchases, all from VAT-suppliers, VAT not included P1,600,00 0 Sales, any tax not included: Exports, VAT business 2,000,000 Exports, non-VAT business 1,000,000 Domestic sales, VAT business 600,000 Domestic sales, non-VAT business 400,000 There were no inventories at the beginning and end of the taxable period. 22. The value-added tax payable on domestic sales is: a. P36,000 b. P43,200 c. P52,800 d. P96,000 23. The net value-added tax refundable for the month is: a. P52,800 b. P44,000 c. P43,200 d. P36,000 24. A VAT-registered person has the following data: Export sales, total invoice amount P3,000,00 0 Domestic sales, total invoice amount 6,720,000 Purchase of raw materials, used to manufacture goods for export and domestic sales, VAT inclusive 560,000 Supplies used for both export and domestic sales, VAT inclusive 448,000 Purchase of equipment used in the manufacture of goods for export and domestic sales, VAT exclusive 300,000 The amount of input tax which can be refunded or converted into tax credit certificates at the option of the VAT-registered person is: a. P40,000 b. P60,000 c. P48,000 d. P36,000 25. Weirdo is a VAT-registered manufacturer. For January 2008, VAT not included: Sales Returns Sales Cash sales, of which 60% is exports P1,200,000 Open account sales P10,000 800,000 Consignment shipments (at selling prices): Not over one month 200,000 Not over two months 13,000 300,000 Not over three months 15,000 400,000 On consignment sales of not over one month, there was a cash remittance received of P40,000, net of a 20% commission, VAT not included. Discounts and rebates, VAT not included: Discounts, per terms of invoice of 2/10, n/30 12,000 Rebates 17,000 Freight and insurance on domestic sales 50,000 Selected data on purchases and costs during the month, total invoice price of the VAT-registered suppliers, on the taxable domestic sales: Raw materials 439,236 Supplies 48,804 The ratio of raw materials and supplies cost, VAT not included, to the taxable gross selling price of domestic sales is the same as that in exports.The net value-added tax payable for the month is: a. P138,870 b. P135,270 c. P112,725 d. P109,125 26. A VAT-registered manufacturer, had: Sales, VAT business, VAT not included: Exports – P500,000; Domestic – P400,000 P900,000 Sales, non-VAT business 100,000 Purchases from VAT suppliers, total invoice costs: Attributable to VAT business – goods exported 112,000 Attributable to non-VAT business – domestic sales 89,600 Attributable to VAT business (domestic sales) and non-VAT business 44,800 Ending inventories (book balances) for goods to be exported: Raw materials 8,000 Work in process 15,000 Finished goods 20,000



Page 4 of 5

Supplies 5,000 If input taxes attributable to goods exported are taken as tax credit, the value-added tax payable is: a. P32,160 b. P37,920 c. P36,240 d. P44,160 27. Villar sells real property in the course of its business. During the last quarter of 2007, it had sold a lot under the following terms (including VAT): Total contract price P1,120,000 Downpayment, 10/10/2007 112,000 First installment, 12/30/2007 112,000 Second installment, 1/31/2008 56,000 The output VAT in the last quarter of 2007 is: a. P12,000 b. P24,000 c. P26,000 d. None 28. Ayalas in the course of trade sells real property. During the month of January 2008, it had the following data per sales document (VAT included): Cash sales P560,000 Sale on deferred payment basis (initial payments exceed 25% of the selling price) 336,000 The real property sold for cash had a zonal value of P600,000 (excluding VAT) and the property sold under deferred payment basis had a fair market value of P200,000 (excluding VAT). How much is the output on the sale of real property? a. P84,000 b. P96,000 c. P108,000 d. P112,320 Items 29 through 32 are based on the following data:

Sosyal is a VAT-registered taxpayer. The following data from the books of accounts were transactions for each of the months of October, November and December (last quarter) of 2007: Credits to sales account Debits to purchase account on local purchases of goods from: VAT-registered persons

October P440,000

November P550,000

December P770,000




Non-VAT registered persons 20,000 30,000 15,000 Importation of goods, landed cost 50,000 29. The value-added tax payable at the end of October is: a. P33,000 b. P39,600 c. P30,000 d. P52,800 30. The value-added tax payable (refundable) at the end of November is: a. (P19,200) b. P19,800 c. Due of P0 d. P66,000 31. The output taxes on the return for the period ending December is: a. P160,000 b. P176,000 c. P211,200 d. P92,400 32. The value-added tax payable at the end of December 2007 is: a. P13,800 b. P33,600 c. P13,200 d. P39,600 33. The following last quarter data pertain to a value-added taxpayer whose purchases were all from valueadded taxpayers: Output taxes, October P 132,000 Input taxes, October 240,000 Output taxes, November 348,000 Input taxes, November 144,000 Sales, total invoice price, December 3,360,000 Purchases, total invoice cost, December 1,456,000 The value-added tax payable for December is: a. P190,400 b. P192,000 c. P204,000 d. P260,400 Items 34 and 35 are based on the following data: After recognizing the value-added tax payable for the month of December 2007, the books of accounts of Colors, a merchandising company, showed a debit balance in the input taxes account of P12,000. Sales and purchases at total invoice prices/costs for January 2008 were: Sales P896,000 Sales returns and allowances 56,000 Sales discount 22,400 Purchases of: Goods for sale, from VAT-registered persons 224,000 Goods for sale, from non-VAT registered persons 56,000 Services, from VAT-registered persons 21,280 Equipment (life of 10 years) from VAT-registered person 112,000 Importation of goods for sale: Invoice cost, country of origin 20,000 Freight 500 Insurance 200 Customs duty 600 Excise tax 100 Other expenses prior to removal from customs custody 300 Other expenses after removal from customs custody 250 Operating expenses 30,000 34. The value-added tax on the importation is: a. P2,170 b. P2,604 c. P2,634 d. P6,234 35. The value-added tax payable for January 2008 is: a. P34,716 b. P41,150 c. P40,716 d. P46,716



Page 5 of 5 - END -


View more...


Copyright ©2017 KUPDF Inc.