A VAT registered person engages in both VAT and VAT exempt business. During the year total sales amounted to P500,000, exclusive of the VAT. Sale of the VAT exempt business amounts toP200,000. During the quarter, the business incurred the following: Input VAT arising from repairs amounting P6,000. On the other hand, input on supplies, for common use amounted P1,200. The creditable input tax is Joker Gaming Technologies Inc is a software develop. One of its clients is a company engagedin casino operation. During the quarter ended June 30, 2021 it reported the following (amountgiven are exclusive of the VAT):Php10,000,0002,500,0008,500,000Concluded Contract of service (casino OS Maintenance) with PAGCORAcceptance fee of the PAGCOR casino OS maintenance – paid in June 5, 2021Cash received – Service contract for maintenance of CAS of Dodong Corp (Dom. Corp)Purchases from VAT supplierOn PAGCOR contractOn Dodona CorpGeneral and Administrative supplies700,0001,000,0002,000,000 Azucarera De Papa manufactures refined sugar. It had the following data during the first quarterof 2020:P 2,000,000Sale of refined sugar, net of VATPurchases of sugar cane from farmers usedIn the manufacture of refined sugarPurchase of packaging materials, inclusive of VATPurchase of labels, inclusive of VAT500,000784,000112,000

Input tax refers to the central tax (CGST), state tax (SGST), integrated tax (IGST), or union…

Answered: A VAT registered person engages in both…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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A VAT registered person engages in both VAT and VAT exempt business. During the year total sales amounted to P500,000, exclusive of the VAT. Sale of the VAT exempt business amounts toP200,000. During the quarter, the business incurred the following: Input VAT arising from repairs amounting P6,000. On the other hand, input on supplies, for common use amounted P1,200. The creditable input tax is

Joker Gaming Technologies Inc is a software develop. One of its clients is a company engaged
in casino operation. During the quarter ended June 30, 2021 it reported the following (amount
given are exclusive of the VAT):
Php
10,000,000
2,500,000
8,500,000
Concluded Contract of service (casino OS Maintenance) with PAGCOR
Acceptance fee of the PAGCOR casino OS maintenance – paid in June 5, 2021
Cash received – Service contract for maintenance of CAS of Dodong Corp (Dom. Corp)
Purchases from VAT supplier
On PAGCOR contract
On Dodona Corp
General and Administrative supplies
700,000
1,000,000
2,000,000

Azucarera De Papa manufactures refined sugar. It had the following data during the first quarter
of 2020:
P 2,000,000
Sale of refined sugar, net of VAT
Purchases of sugar cane from farmers used
In the manufacture of refined sugar
Purchase of packaging materials, inclusive of VAT
Purchase of labels, inclusive of VAT
500,000
784,000
112,000

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