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What is the input vat carry over at the end of the month

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Reference no: EM133051464

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Q1. Cruz sold a certain property for P100,000. At the time of sale, the property had a fair value of P500,000. The property was previously acquired at cost of P40,000. For taxation purposes, how much shall be subject to transfer tax (in this case, donor's tax)?

a. P40,000

b. P100,000

c. P400,000

d. P460,000

Q2. Melissa Corporation had the following details of output VAT and input VAT in a month: Output VAT - 680,000; Input Vat on exempt sales - P P120,000; Input VAT on Zero-rated sales - P240,000; Input VAT on regular sales P600,000; Input VAT claimed as tax refund - P50,000; What is the input VAT carry over at the end of the month?

a. P180,000

b. P140,000

c. P80,000

d. P60,000

Reference no: EM133051464

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