C. The following selected account balances were taken from the records of Alex Ajoc, the owner of Surigao Hardware & Construction Supply for the month of December 20A. (VAT of 12 % is billed separately.) Purchases Purchase Returns & Allowances P710,000 5,000 20,000 1,020,000 8,000 25,000 Purchase Discounts Sales Sales Returns &Allowances Sales Discounts Required: 1. Compute the input tax 2. Compute the output tax 3. Compute the VAT Payable 4. Entry to close the Input and Output Tax 5. Entry to remit VAT Payable to Bureau of Internal Revenue
C. The following selected account balances were taken from the records of Alex Ajoc, the owner of Surigao Hardware & Construction Supply for the month of December 20A. (VAT of 12 % is billed separately.) Purchases Purchase Returns & Allowances P710,000 5,000 20,000 1,020,000 8,000 25,000 Purchase Discounts Sales Sales Returns &Allowances Sales Discounts Required: 1. Compute the input tax 2. Compute the output tax 3. Compute the VAT Payable 4. Entry to close the Input and Output Tax 5. Entry to remit VAT Payable to Bureau of Internal Revenue
Chapter6: Merchandising Transactions
Section: Chapter Questions
Problem 10MC: A retailer pays on credit for $650 worth of inventory, terms 3/10, n/40. If the merchandiser pays...
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