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Delfin corporation a security dealer declared the

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9.Delfin Corporation, a security dealer, declared the following dividends in March 2020:Cash dividendP 1, 200,000Property dividend 800,000The property dividend represents various merchandise inventories.Compute the output VAT.a.P 0b.P 96,000(P800,000 x 12%)c.P 144,000d.P 240,000
10.After consecutive years of persistent losses, Luigi Corporation decided to liquidate its business. Ithad the following items in its possession upon termination of operations:Book value Fair valueReceivables1,200,0001,200,000Investments200,000400,000Inventories600,000700,000Properties and equipment1,200,000800,000Compute the output VAT on the deemed sale transaction.
Multiple-Choice - Problems: Part 41.Mr. Yaobang is a VAT-registered professional. He also owns a hotel and has a professional practice.He instructed his accounting staff to indicate zero-rated sales in hotel receipts. During the month, hehad the following receipts from his business and exercise of profession: Gross receipts fromprofessionP 1, 000, 000Gross receipts from hotel800,000TotalP 1, 800, 000
Compute the Output VAT.
2.Mang Juan applied for the cancellation of his VAT registration. His application was granted by theBIR. At that time, he had the following inventories of vatable goods:Supplies, bought from non-VAT suppliersP 50,000Supplies, bought from VAT suppliers 80,000Merchandise, bought from VAT suppliers 100,000Merchandise, bought from non-VAT suppliers20, 000Total P 250,000Compute the output VAT on the deemed sales.
3.A VAT-registered farm supply dealer sold the following during a month:FertilizersP 200,000Corn seeds 250,000Farm equipment1,200,000Pesticides 300,000Total 1,950,000What is the output VAT?a.P 234,000b.P204,000c.P 180,000(P1,200,000+P300,000) x 12%d.P 144,000
4.A VAT-registered bookstore had the following revenues during a month:Commission income on sales of books P 300,000Sales of books held as inventory 400,000Sales of school supplies900,000Total P 1,600,000Compute the output VAT.

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Term
Spring
Professor
N/A
Tags
invoice, VAT threshold

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