[A] Instructions: Compute for the required item (refer to the photo below) using a yellow ruled sheet. (Show solution) A. A VAT registered person had the following transactions during the thirdquarter 2018:467,500112,00055,000330,000506,00093,500a. Cash Purchasesb. Purchases on Accountc. Purchase Returnsd. Cash Salese. Sales on Accountf. Sales Return and AllowancesRequired: Compute the VAT Payable for the third quarter.

VAT (Value Added Tax) payable refers to the amount of tax that a business owes to the government…

A. A VAT registered person had the following transactions during the third quarter 2018: a. Cash Purchases P 467,500 b. Purchases on Account 112,000 c. Purchase Returns 55,000 d. Cash Sales 330,000 e. Sales on Account 506,000 f. Sales Return and Allowances 93,500 Required: Compute the VAT Payable for the third quarter.

A. A VAT registered person had the following transactions during the third quarter 2018: a. Cash Purchases P 467,500 b. Purchases on Account 112,000 c. Purchase Returns 55,000 d. Cash Sales 330,000 e. Sales on Account 506,000 f. Sales Return and Allowances 93,500 Required: Compute the VAT Payable for the third quarter.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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