Ligaya is engaged in business both subject to VAT and non-VAT and has the following transactions...
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Ligaya is engaged in business both subject to VAT and non-VAT and has the following transactions during the month: a. Cash purchase of goods from persons exempt from VAT VAT business Non-VAT business b. Purchased goods from VAT registered person in cash VAT business P89,600 22,400 Non-VAT business P50,000 20,000 c. Purchased on cash from VAT-registered person, for use in VAT and non-VAT business. Amounts are inclusive of VAT Supplies Equipment d. Sales invoices VAT business Non-VAT business P21,280 36,064 P336,000 84,000 Required: 1. Record the journal entries (10 pts) 2. Compute for the VAT payable/overpayment. (10 pts) Ligaya is engaged in business both subject to VAT and non-VAT and has the following transactions during the month: a. Cash purchase of goods from persons exempt from VAT VAT business Non-VAT business b. Purchased goods from VAT registered person in cash VAT business P89,600 22,400 Non-VAT business P50,000 20,000 c. Purchased on cash from VAT-registered person, for use in VAT and non-VAT business. Amounts are inclusive of VAT Supplies Equipment d. Sales invoices VAT business Non-VAT business P21,280 36,064 P336,000 84,000 Required: 1. Record the journal entries (10 pts) 2. Compute for the VAT payable/overpayment. (10 pts)
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Question 1 VAT rate is considered to be 12 a Purchase ac Dr P70... View the full answer
Related Book For
Intermediate Accounting
ISBN: 978-0324300987
10th Edition
Authors: Loren A Nikolai, D. Bazley and Jefferson P. Jones
Posted Date:
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