Rapid is a contractor. She entered into a contract on March 1, 2019 which was completed on March 31, 2019. She received the total value of the contract amounting to P550,000 on March 31, 2019. Rapid spent for the materials used in the contract which she acquired from value- added registered suppliers costing P150,000. All amounts are exclusive of VAT. The value- added tax payable by Rapid for the month of March is _.

Rapid is a contractor. She entered into a contract on March 1, 2019 which was completed on March 31, 2019. She received the total value of the contract amounting to P550,000 on March 31, 2019. Rapid spent for the materials used in the contract which she acquired from value- added registered suppliers costing P150,000. All amounts are exclusive of VAT. The value- added tax payable by Rapid for the month of March is _.

SWFT Individual Income Taxes

43rd Edition

ISBN:9780357391365

Author:YOUNG

Publisher:YOUNG

Chapter18: Accounting Periods And Methods

Section: Chapter Questions

Problem 20DQ

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