Maria Makiling is a VAT registered person. She had the following transactions during the months of...

 

 
 

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Maria Makiling is a VAT registered person. She had the following transactions during the months of April and May 2021. April: a. She became subject to VAT on January 1, 2021. Her inventory on said date is P660,000. VAT actually paid on the inventory is P40,000. b. Cash purchases of inventory was P560,000, inclusive of VAT. c. Cash sales of goods was P1,344,000, VAT inclusive. May: a. Cash purchase of inventory, P550,000 from a non-VAT registered person. b. Cash purchase of equipment, VAT not included, P50,000 c. Cash sales of goods, P336,000, VAT included d. Return of merchandise purchased from VAT registered supplier, P26,040 and simultaneous receipt of cash for the return e. Sales return of P36,960, VAT included, and simultaneous issue of check for P36,960. Required: 1. Journalized the above transactions. (10 pts) 2. Compute for the VAT payable/overpayment for each period. (10 pts) Maria Makiling is a VAT registered person. She had the following transactions during the months of April and May 2021. April: a. She became subject to VAT on January 1, 2021. Her inventory on said date is P660,000. VAT actually paid on the inventory is P40,000. b. Cash purchases of inventory was P560,000, inclusive of VAT. c. Cash sales of goods was P1,344,000, VAT inclusive. May: a. Cash purchase of inventory, P550,000 from a non-VAT registered person. b. Cash purchase of equipment, VAT not included, P50,000 c. Cash sales of goods, P336,000, VAT included d. Return of merchandise purchased from VAT registered supplier, P26,040 and simultaneous receipt of cash for the return e. Sales return of P36,960, VAT included, and simultaneous issue of check for P36,960. Required: 1. Journalized the above transactions. (10 pts) 2. Compute for the VAT payable/overpayment for each period. (10 pts)

Answer rating: 100% (QA)

1 April a Inventory P660000 Dr Inventory 660000 Cr Accounts Payable 660000 b Cash p... View the full answer