Question 1

AB Corporation, a VAT-registered domestic corporation reported sales of P 5,600,000 for the 3rd Quarter of 2019.  What is the Output Tax for the 3rd Quarter of 2019?

Accepted Answer

P 672,000

Answer

P 600,000

Answer

Answer not given

Answer

P 560,000

Question 2

St Mary, manufacturer of the best beer in the world, "Tiger Black". The company threw a Christmas party where P 500,000 worth of "Tiger Black" was consumed. What is the output tax in this transaction?

Accepted Answer

P 60,000

Answer

P 0

Answer

P 53,571

Answer

Answer not given

Question 3

ANC Incorporated, a domestic corporation, purchased on January 20, 2019 a machinery where it paid the total amount of P 1,792,000. The estimated useful life of the machinery considered as capital goods is 3 years. What is the input VAT to be claimed by ANC for the 1st Quarter of 2019?

Accepted Answer

P 16,000

Answer

P 215,040

Answer

P 17,920

Answer

P 192,000

Question 4

Mr. A, a VAT-registered taxpayer, leases several commercial units located in Davao City for P 18,000 per unit per month. In 2019,  Mr. A leased 5 units of said property for the whole year, what is the output tax in 2019?

Accepted Answer

P 129,600

Answer

P 10,800

Answer

P 0

Answer

P 115,714

Question 5

Mr. B is a VAT registered taxpayer. In November, 2019, he had the following transactions (all inclusive of VAT):
	Cash Sales					            ₱     660,800
	Sales on account					             246,400
	Purchases						                     291,200
	Goods given as gifts to employees		19,040
What is the VAT Payable for the month?

Accepted Answer

P 68,040

Answer

P 39,600

Answer

P 39,600

Answer

P 41,640

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