FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question

[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 third quarter 2018: 467,500 112,000 55,000 330,000 506,000 93,500 a. Cash Purchases b. Purchases on Account c. Purchase Returns d. Cash Sales e. Sales on Account f. Sales Return and Allowances Required: Compute the VAT Payable for the third quarter.
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Transcribed Image Text:A. A VAT registered person had the following transactions during the third quarter 2018: 467,500 112,000 55,000 330,000 506,000 93,500 a. Cash Purchases b. Purchases on Account c. Purchase Returns d. Cash Sales e. Sales on Account f. Sales Return and Allowances Required: Compute the VAT Payable for the third quarter.
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Step 1: Define Value Added Tax:
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Step 2: Computation of VAT Payable:
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