Name: ________________________________________ Year & Section: ________________ Score:
__________
BUSINESS TAXATION
Baby Christine Company, A VAT-registered business, had the following data during the quarter:
Export Sales P 1,815,000
Domestic Sales (tax included) 1,232,000
Purchases of goods for export, gross of tax 672,000
Purchases of goods for domestic sales, tax inclusive 323,120
Purchases of supplies on domestic sales, net of tax 124,850
Requirements: compute the following:
1. Output tax (2 points) _______________
2. Input tax (2 points) _______________
3. Vat payable/creditable (2 points) _______________
OT 132,000
IT 72,000
34,620
14,982 121,602
VP 10,398
Baby Manny, a trader, made the following transactions of goods, exclusive of VAT, during the second quarter.
Cash sales P200,000
Open account sales 100,000
Consigned goods – delivered: April 15 100,000
May 15 100,000
June 15 100,000
If no consigned goods were returned by the consignees, the output tax in the second quarter is? (2 points)
_____________
Baby Christian Company, a VAT registered business had the following data in its books in July, 2024:
Domestic sales P709,500
Sales returns 26,400
Goods shipped on consignment (net of tax)
Units Unit Price
July 5 25 P22,000
June 5 20 P22,000
May 5 12 P22,000
Goods withdrawn for use by the company 38,500
Goods taken as payment to creditors 26,950
Freight and insurance of goods 4,675
Purchases:
Raw materials 484,000
Supplies 61,600
Salaries of employees 235,000
During the month, one consignee remitted cash net of 20% commission representing the payment for five (5)
units delivered on June 5.
Another consignee remitted cash of P220,000, gross of 20% commission, representing payment for 10 units
sold in July. Other than the commission, Baby Christian gave 5% discount/rebate to the consignee for selling
ten (10) units in one-month period.
Requirements: compute the following:
1. Output tax (2 points) _______________
2. Input tax (2 points) _______________
3. Vat payable/creditable (2 points) _______________
Domestic sales 709,500
Less: sales returns 26,500 683,100
Deemed sold
Goods consigned May5 264,000
Goods withdrawn by the company 38,500
Payment to creditors 26,950
Consignment sales P22K x 5 110,000
Consignment sales 22K x 10 220,000
Gross selling price 1,342,550
Rate of tax 12%
Output Tax 161,106
Raw materials 484,000
Supplies 61,600
Freight and insurance 4,675
Total 550,275
Rate of tax 12%
Input Tax 66,033
Output tax 161,106
Input tax 66,033
Vat payable 95,073
Big Boy Fermin Company, a newly VAT registered business, had the following data in January (all amounts
are inclusive of tax)
Merchandise inventory P204,000
Actual VAT pain on inventory 16,000
Sales, total invoice amount 469,000
Purchases 57,400
Fifty percent (50%) of the merchandise inventory on January 1 were purchased from non-VAT registered
sellers.
Vat payable/creditable (2 points) _______________
Output tax 50,250
Input tax
Purchases 6,150
Transitional
Inventory 4,080
Actual 16,000 16,000
VAT payable 28,100
Big Boy Felix Navidad, a manufacturer of refined sugar, became subject VAT effective March 1 of the current
year. During the month, the following are its data:
Refined sugar withdrawn from refinery, VAT inclusive P924,000. Purchases of supplies from vat registered
suppliers P38,500; packaging materials, vat inclusive P27,060; sugar cane from planters P350,000. Water bill
P12,000; salaries of officials and employees P150,000; Inventory per balance sheet, March 1: packaging
materials P17,875; supplies purchased from VAT registered persons P14,850; supplies purchased from non-
VAT suppliers P4,750.
Requirements: compute the following:
1. Presumptive Input tax (2 points) _______________
2. Transitional Input tax (2 points) _______________
3. Total Creditable Input tax (2 points) _______________
3. Vat payable/creditable (2 points) _______________
350,000 X 4% 14,000 input tax
Packaging materials 17,875
Supplies from VAT 14,850
Supplies from non-vat 4,750
Total inventory 37,475
2% of inventory (37,475 x 2%) 749.50
Actual vat paid (32,275 x 3/28) 3,506.25
Supplies (38,500 X 3/28) 4,125
Packaging materials (26,060 X 3/28) 2,899.29
Presumptive input tax 14,000
Transitional input tax 3,506.25
Total creditable input tax 24,530.54
Output tax (924,000 X 3/28) 99,000
Input tax 24,530.54
VAT payable 74,469.46
Baby Girl Reign Go Away is a VAT registered dealer of appliances. The following data are for the month of
October 2024.
Sales, total invoice value P5,800,000
Purchases, net of input taxes 2,820,000
Sales return, gross of tax 200,000
Purchase return, net of input tax 300,000
Deferred input tax (carried over from the third quarter) 9,500
Vat payable/creditable (2 points) _______________
Output tax 600,000
Less: input tax
Purchases 302,400
Deferred input tax 9,500 311,900
VAT Payable 288,100
CBM A VAT-registered company, is a producer of cooking oil from coconut and corn. It had the following data
for the month of January 2025:
Sales, gross of vat 784,000
Corn and coconut, December 31, 2024 50,000
Purchases of corn and coconut on January 2025 330,000
Corn and coconut, January 31, 2025 20,000
Purchases from VAT suppliers, vat inclusive
Packaging materials 56,000
Supplies 16,800
Vat payable/creditable (2 points) _______________
Output vat (784,000 x 3/28) 84,000
Less input vat
Presumptive (330,000 x 4%) (13,200)
Packaging materials (56,000 x 3/28) (6,000)
Supplies (16,800 x 3/28) (1,800)
Total creditable (21,000)
VAT Payable 63,000
