Reference no: EM133054121
Questions -
Q1. On January 30, 2021, XYZ Corporation, a non-VAT registered company, purchased from ABC Corporation, a VAT registered company, goods and paid a total amount P156,800, inclusive of VAT. on February 1, 2021, XYZ Corporation became liable to VAT. The goods were sold on February 28, 2021 for P280,000, VAT inclusive. Compute for the VAT payable.
a. P30,000
b. P13,200
c. P27,200
d. P16,800
Q2. On January 2020, DEF Corporation is a VAT registered manufacturer of refined sugar, purchased in cash from STU Corporation, also a VAT registered company, sugar cane amounting to P80,000. The refined sugar produced were sold on January 2020 on credit for P150,000, VAT exclusive. Compute for the VAT payable.
a. P18,000
b. P8,400
c. P14,800
d. P9,600
Q3. Bible Community of the Philippines, Inc. (BCPI)is registered with the Securities and Exchange Commission as a nonstock, not-for-profit corporation with the primary purpose of "Widest distribution of holy scriptures all over the Philippines and spiritual transformation of the Filipino people." The corporation has the following gross receipts and input VAT from its purchases: Government grant - P3,000,000; Contributions from the public - P1,000,000; Sales of gift shop items P600,000; Rental of commercial space - P2,000,000; Input VAT related to gift shop and rental activities - P126,000; Input VAT related to not-for-profit activities - P 436,000; What is the VAT payable?
a. None.
b. P186,000
c. P230,000
d. P306,000
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