Reference no: EM132995328

Questions -

Q1) A VAT-registered business had the following balances in its books of accounts during the first quarter of 2018:

Deferred input taxes, December P 10,000

Sales, January 400,000

Purchases, January 300,000

Sales, February 500,000

Purchases, February 450,000

Sales, March 430,000

Purchases, March 350,000

COMPUTE the VAT payable for January, February, and March.

Q2) Miss Mocha Eyeliner, an actress, had the following data for the quarter ending February 2018 (amounts are exclusive of tax):

Receipts from talent fees P4,000,000

Gross receipts from taxicabs (4 units) 1,000,000

Purchases of wardrobes used in films 1,000,000

Purchase of spare parts of taxicabs 40,000

Public relations services for image build-up as an actress 100,000

Insurance premiums for taxicabs 20,000

Rent of office space used both for her occupation and taxicab business, subject to VAT 400,000

Compute for the VAT payable by Miss Mocha.

Q3) Cea Buyo, is a businessman with transactions in the Philippines and international. His domestic and international transactions during the period are as follows:

Overseas calls:

Outgoing - Paid by Cea Boyo P 20,000

Paid by the call receiver 10,000

Incoming - Paid by Cea Boyo 15,000

Paid by the caller abroad 25,000

Local calls 2,500

Monthly bill 1,100

COMPUTE the following (assume that the amounts do not include the tax):

1. VAT payable

2. Overseas communications tax