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How much was the output tax due on October

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Reference no: EM133068854

Question - Ivan, vat registered real estate dealer sold a residential lot on October 2018.

The following information was made available on the terms of the sale:

Gross selling price - P3,000,000

Initial payments consisting of down payment and installments in the year of sale - 900,000

Balance to be paid in equal installments of P700,000 - 2,100,000 starting January 2019

The zonal value of the residential lot was P2,800,000

Required - How much was the output tax due on October 2013?

Reference no: EM133068854

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