FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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1. SAN JUAN becomes subject to VAT for the first time. The following data are available for SAN JUAN for
the first quarter of 2018:

Beginning inventory purchased from VAT registered P 20,160 at cost (VAT inc)

Beginning inventory purchased from NON VAT P 120,000 at cost
Sales, vat inc is P 212,800
Purchases of packaging materials from a VAT registered is P 80,000 (net of tax)
Purchases of materials for manufacturing cooking oil, net of tax is P 30,000
The water bill, net of tax is P 10,000
The electricity bill, net of tax is P 20,000
Salaries of employees, gross of tax are P 50,000

What is the VAT payable (excess vat input)? 

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