Reference no: EM133117244
Question - SAN JOSE become subject to VAT for the first time. The following data are available for SAN JOSE for first quarter of 2018:
Beginning inventory purchased from VAT registered, P 20,160 at cost (VAT included)
Beginning inventory purchased from NON VAT, P120,000 at cost
Sales, vat included is P212,800
Purchases of packaging materials from VAT registered is P80,000 (net of tax)
Purchases of materials for manufacturing of cooking oil, net of tax is P30,000
Water bill, net of tax is P10,000
Electricity bill, net of tax is P20,000
Salaries of employees, gross of tax is P50,000
Required - What is the VAT payable (excess vat input)?
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