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How much was the output tax on January

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Question - A VAT subject real estate dealer sold a residential lot on January 15, 2007. The following information was made available on the terms of the sale: Gross selling price P3,000,000 Initial payments on January 15, 2007 (consisting of down payment and instalment in the year of sale) 900,000 Balance to be paid in equal instalment, instalments starting February 15, 2007 2,100,000 The zonal value of the residual lot was P2,800,000.

a. How much was the output tax on January 15 2007 using 12% VAT rate? Show your solution.

b. How much was the output tax on February 15, 2007 using 12% VAT rate? Show your solution.

Reference no: EM132711355

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