TAX 2

NAME: ______________________________ Section: _______

Write your answer on the space provided (2 pts). Show your solutions (3 pts).
Submit a hard copy. Deadline: Thursday, February 2, 2017 for TTh class and Friday,
February 3, 2017 for MWF class. LATE PAPERS WILL NOT BE ACCEPTED.
1. _________________ 7. _________________
2. _________________ 8. _________________
3. _________________ 9. _________________
4. _________________ 10. _________________
5. _________________ 11. _________________
6. _________________
1. C, as a manufacturer of cooking oil, had the following selected transactions in a
month, taxes is not included:

Sales P800,000
Purchases
of packaging materials from VAT supplier 88,000
of services from VAT contractors 33,000
of machinery from VAT supplier 220,000
from farmers:
Corn 140,000
Coconut 160,000
The VAT payable is?

2. ERA Corporation has the following sales during the month:

Sale to private entities, inclusive of VAT 224,000.00
Sale to export-oriented enterprise 100,000.00
Sale to exempt goods 100,000.00

The following input taxes were passed on by its VAT suppliers during the month:

Input tax on taxable goods 5,000.00

Input tax on zero-rated sales 3,000.00
Input tax on sale of exempt goods 2,000.00
Input tax on depreciable capital good not
attribute on any specific activity 20,000.00

The VAT payable for the month:

3. During the month of May, XYZ Corporation had domestic sales amounting to
P1,680,000 and export sales amounting to P1,500,000. During the same month,
XYZs total purchases directly attributable to domestic sales amounted to
P1,120,000 and total purchases directly attributable to export sales P1,008,000.

For the month of May, XYZ corporations VAT payable is?

4. K imported a car from USA for her personal use. Total landed cost is P250,000,
including customs duties of P50,000. VAT on importation is

5. An importer wishes to withdraw its importation from the Bureau of Customs. The
imported goods were subjected to 10% customs duty in the amount of P12,500
and other charges in the amount of P9,500. The VAT due is?

6. The A Bakers sells cakes and pastry to well known hotels in Metro manila area.
The hotels are allowed credit based on the track record of the hotels. The sale by
the store in April 2013 was P224,000, including the VAT. Seventy five 75%
percent of the sales are normally on account. How much is the output tax for the
month of April 2013?

7. A, trader, made the following sales of goods during the month of June 2013,
exclusive of VAT:
Cash sales P200,000
Open account Sales 100,000
Instalment Sales 100,000
Note: Receipt from instalment sales 40,000
Consignment made (net of vat):
June15, 2013 100,000
May 15, 2013 100,000
 April 15, 2013 100,000
Output tax is?

8. A, a VAT-registered, made the following purchases during the month of January

2013
Goods for sale, inclusive of VAT P224,000
Supplies, exclusive of VAT 20,000
Office air conditioner, total invoice amount 56,000
Home appliances for residence, gross of VAT 17,600
Repair of store, total invoice amount
evidenced by ordinary receipt
of the contractor 4,400
Creditable input tax?

9. A taxpayer registered under the VAT system on January 1,2013.

His records during the month show:
Value of inventory as of Dec 31, 2012,
purchased from VAT registered persons P50,000
VAT of inventory as of Dec 31, 2012 6,000
Value of inventory as of Dec 31, 2012, VAT exempt goods 60,000
Sales, net of VAT 140,000
Sales, gross of VAT 45,000
Purchases, net of VAT 70,000
VAT payable is?

10. The following are the data of A Marketing Corporation, for the last quarter of 2012.
Sales up to December 15, total invoice value P336,000
Purchases up to December 15, net of input tax 215,000
Additional information;
On December 16, 2012, A Marketing Corporation retired from its business and the
inventory valued at P190,000 was taken and transferred to B Marketing
Corporation. There is a deferred input tax from the third quarter of P3,500. How
much is the total VAT due and payable by A Marketing Corporation in its
operations in the last quarter and its retirement from business?

11. In connection with the preceding number, assuming that B Marketing Corporation
has the following data for the first quarter of 2013:
Sales, total invoice value P448,000
Purchases, total invoice value 224,000
How much is the VAT payable of New City Appliance Corporation for the first
quarter of 2013?