Question: I need to answer all please Chapter 18 PRACTICE SET ON PERCENTAGE TAX Mr. Alejandro Sison is marketing goods and he is subject to the
Chapter 18 PRACTICE SET ON PERCENTAGE TAX Mr. Alejandro Sison is marketing goods and he is subject to the 1% Percentage Tax. He registered his business with the government registry offices and registered his books of accounts and official invoices/receipts with the Bureau of Internal Revenue as a non-VAT taxpayer. His business name is Sison Merchandising Transactions in January 20A were: January 2 Invested P4,000,000 in the business. 3 Purchased goods from a non-VAT supplier for P400 000. Purchased goods from a VAT supplier for P600,000 plus VAT of P72,000. 10 Sale for cash of P500,000. 15 Purchase of office equipment with a useful life of two years from a VAT taxpayer for P800,000, plus VAT of P96,000. 25 Operating expenses of P400,000 were paid to non-VAT tax- payers. 30 Operating expenses of P10,000 plus value-added tax of P1,200 were paid to VAT taxpayers. Additional information: Inventory at the end of the month was P500,000. Required: (a) General Journal entries of the transactions. (b) Posting of the General Journal entries to the General Ledger. (c) Preparation of the Trial Balance of January 20A. (d) Preparation of the adjusting entries for depreciation and the 1% percen- tage tax. (e) Preparation of an eight-column Worksheet. (f) Preparation of closing entries. (g) Preparation of Income Statement and Statement of Financial Position. (h) Preparation of Post-closing Trial Balance. 18-1 A Study on Philippine Business Taxes and Transfer Taxes, A New Approach
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