FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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same can be release from customs custody.
information, determine the value added tax on the importation before the
ABC Company imported merchandise for resale. Using the following
CIF (cost, insurance, freight) value
Charges/expenses incurred in claiming the goods:
Wharfage
P229,195
1,540
2,295
4,090
330
3,000
2,550
Arrastre
Customs duty
Brokerage fee and documentary stamps
Facilitation expense
Marine cargo insurance
Other charges:
Freight from customs to warehouse (vat exclusive)
5,000
REQUIRED: Determine the following:
a) Vat on importation
b) The value added tax payable assuming the goods were
subsequently sold for P350,000.
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Transcribed Image Text:same can be release from customs custody. information, determine the value added tax on the importation before the ABC Company imported merchandise for resale. Using the following CIF (cost, insurance, freight) value Charges/expenses incurred in claiming the goods: Wharfage P229,195 1,540 2,295 4,090 330 3,000 2,550 Arrastre Customs duty Brokerage fee and documentary stamps Facilitation expense Marine cargo insurance Other charges: Freight from customs to warehouse (vat exclusive) 5,000 REQUIRED: Determine the following: a) Vat on importation b) The value added tax payable assuming the goods were subsequently sold for P350,000.
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