1) Mabuhay Funeral Services, a VAT registered entity, isnad operated by Sergeant James retired soldier from military. His books how that he had the following transaction during the year.

a) Gross Service – net of VAT: P2, 000, 000

b) Cost ofgross of VAT: P1, 500, 000

c) Expenses – net of VAT: P75, 000

What is the net VAT Payable of Mabuhay?

2) Dr. Boo Ngyi operates a dentistry clinic, Baba Low Clinic. She has the following records for you:

a) Cash collected during Oct. 2016, P300, 000`

b) Cash collected as advance for services to be rendered on Dec 2016, P100 000

c) Cash collected as advance for services to be rendered on Mar.2017, P80, 000

d) Services on credit performed during Sept 2016 to be collected of Feb. 2017, P70, 000.p

e) Services on credit performed during Nov. 2016 collected on Dec 2016, P200, 000.

How much is the total transaction subject to VAT for 2017? How much is Output VAT for 2016?

Answer rating: 100% (QA)

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