Problem 6. The following VAT inclusive data in the first quarter of year 2013 were provided...

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Problem 6. The following VAT inclusive data in the first quarter of year 2013 were provided for by Venezuela Company, a VAT registered seller of goods adopting the fiscal year of accounting: (ettuno one a February March April P475,000 P395,000 176,000 245,000 19,600 21,000 10,500 14,000 Sales, vat inclusive Purchases, vat exclusive P320,000 monsup etfi to din 198,000 to com 15,000 1912,400 Sales Returns and Discounts, vat inclusive up Purchase Returns Allowances, vat exclusive Required: Compute for the VAT payable for each period. Problem 6. The following VAT inclusive data in the first quarter of year 2013 were provided for by Venezuela Company, a VAT registered seller of goods adopting the fiscal year of accounting: (ettuno one a February March April P475,000 P395,000 176,000 245,000 19,600 21,000 10,500 14,000 Sales, vat inclusive Purchases, vat exclusive P320,000 monsup etfi to din 198,000 to com 15,000 1912,400 Sales Returns and Discounts, vat inclusive up Purchase Returns Allowances, vat exclusive Required: Compute for the VAT payable for each period.

Answer rating: 100% (QA)

To compute the VAT payable for each period we need to follow these steps 1 Calculate the VAT on sale... View the full answer