ABC Corporation (vat reg.) has the following Gross sales (VAT exclusive) Sales returns Goods shipped on...

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ABC Corporation (vat reg.) has the following Gross sales (VAT exclusive) Sales returns Goods shipped on consignment (net): March 25 February 14 January 8 Salaries of employees data for the month of March : P 8,000,000 400,000 Units 40 30 20 Goods withdrawn for use by the company Goods taken as payment to creditor Purchases for the month of (net of VAT): Goods Supplies Capital goods (U.L = 4 years) Freight and insurance . Unit Price P 10,000 10,000 10,000 P 50,000 30,000 P 600,000 75,000 1,100,000 8,500 385,000 Additional information: • Received cash representing payment for ten (10) units delivered on February 14. The amount received was net of ten percent (10%) commission A consignee reported and remitted P200,000 (gross of 10% commission) representing 20 units sold from goods consigned in March. Required: Determine the VAT payable for the month of March. ABC Corporation (vat reg.) has the following Gross sales (VAT exclusive) Sales returns Goods shipped on consignment (net): March 25 February 14 January 8 Salaries of employees data for the month of March : P 8,000,000 400,000 Units 40 30 20 Goods withdrawn for use by the company Goods taken as payment to creditor Purchases for the month of (net of VAT): Goods Supplies Capital goods (U.L = 4 years) Freight and insurance . Unit Price P 10,000 10,000 10,000 P 50,000 30,000 P 600,000 75,000 1,100,000 8,500 385,000 Additional information: • Received cash representing payment for ten (10) units delivered on February 14. The amount received was net of ten percent (10%) commission A consignee reported and remitted P200,000 (gross of 10% commission) representing 20 units sold from goods consigned in March. Required: Determine the VAT payable for the month of March.

Answer rating: 100% (QA)

To determine the VAT payable for the month of March we need to calculate ... View the full answer