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P112,000 Vat Payable

The document contains multiple examples of VAT calculations for different businesses and transactions. It provides output VAT amounts based on sales figures and applicable VAT rates. It then lists input VAT amounts based on purchases, imports, and other deductible expenses. Finally, it calculates the net VAT payable or refundable amount by subtracting total input VAT from output VAT.

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Michael Cayabyab
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74 views3 pages

P112,000 Vat Payable

The document contains multiple examples of VAT calculations for different businesses and transactions. It provides output VAT amounts based on sales figures and applicable VAT rates. It then lists input VAT amounts based on purchases, imports, and other deductible expenses. Finally, it calculates the net VAT payable or refundable amount by subtracting total input VAT from output VAT.

Uploaded by

Michael Cayabyab
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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8-6

P1,680,000
1,008,000

P2,688,000
3/28
P288,000
(P144,000)
( P32,000)
P112,000 VAT PAYABLE

8-7
Output Vat (P896,000 x 3/28) Less: Input vat
 P224,000 x 3/28 (24,000)
 P112,000 x 3/28 x 80% (9,600)
 P2,240 x 3/28 x 80% (192)
Vat Payable P62,208

8-8
Total Input Vat (P374,000 + 69,848 + 154,000 + 55,000) x 3/28 = P69,948

Output vat (P330,000 + P274,996) x 3/28=


P64,821
Less: Input vat (P374,000 + 69,848 + 154,000) x 3/2= (64,055)
Vat Payable P 766

8-9
Output Vat (P350,000 x 12%) P42,000
Less:
 Input vat on importation:
CIF (cost, insurance, freight) value P229,195
Wharfage 1,540
Arrast 2,295
Customs duty 4,090
Brokerage fee and documentary stamps 330
Marine cargo insurance 2,550
Total P240,000
x 12% (28,800) vat on importation
 Input vat on Freight from customs to warehouse (600)
 Vat Payable P12,600
8-10
1st Quarter Output Vat (P3M x 12%) = P360,000
INPUT VAT:
Purchases (P1.2M x 12%) (144,000)
Purchase of machinery (P2.5M x 12%) / 36 x 3mos.
(24,500)
Unused input vat as of end of 2014 (125,000)
Vat Payable P66,500

2nd Quarter Output Vat (4.8M x 12%) P576,000


Input Vat
Purchases (P3M x 12%) (360,000)
Unused input vat on capital goods (P2.5M x 12%-24,500) (275,500)
Excess Input vat (P59,500)

8-11
Output vat (P336,000 x 12%) P40,320
Input vat:
On purchases (P112,000 x 3/28) (12,000)
Transitional input vat: (10,000)
Vat Payable P18,320

8-12
Output vat (P800,000 x 12%)
P96,000
Less: Input Vat
Presumptive I.V (P85,000 x 4%) (3,400)
Purchased of olive oil (P67,200 x 3/28) (7,200)
Purchased of can containers (P25,000 x (3,000)
12%))
Payments for paper labels (P12,000 x (1,440)
12%)
Purchased of cardboard for boxes (P8,960 x (960)
3/28)
Vat Payable P80,000
8-13
Output vat (672,000 x 3/28) P72,000
Less: Input Vat
Pres. Input vat on purchased of fruits from farmers @ 4% (8,000)
Purchased of bottles (P22,400 x 3/28) (2,400)
Purchased of can containers (P50,000 x 12%) (6,000)
Payments for paper labels (P5,600 x 3/28) (600)
Purchased of cardboard for boxes (P3,360 x 3/28) (360)
Payments for hauling services (P60,000 x 12%) (7,200)
Vat Payable P47,440

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