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Compute for the VAT payable

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Question - A VAT registered television company with annual receipts of P 8,000,000 reported P 1,000,000 total revenue for the month of June 2019. It collected P 1,200,000 from various clients including advances and paid P 800,000 of expenses, P 560,000 of which is paid to VAT suppliers. The collections and payments are inclusive of VAT. Compute for the VAT payable.

Reference no: EM132995216

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