QUIZ NO. 3 REGULAR OUTPUT VAT

1. A VAT-registered car dealer sold the following goods to a relative:

Selling price 300,000

Fair market value 500,000

What is the output VAT?

2. A non-VAT taxpayer prepared the following summary of sales for the purpose of filing his BIR Form 2551Q:

Sales to VAT taxpayers 200,000

Sales to non-VAT taxpayers 150,000

Total 350,000

Compute the output VAT.

3. Victor Lines is a VAT-registered operator of buses. During the month, it had the following total receipts:

Transport of passengers 14,000,000

Transport of cargoes and baggage 1,000,000

Total 15,000,000

Compute the output VAT.

4. A VAT-registered real property dealer sold the following during a quarter of 2024:

House and Lot – 2B-A 2,000,000

House and Lot – 2B-D 3,000,000

House and Lot – 2C-E 4,000,000

Residential Lot – 1A 1,000,000

Residential Lot – 2B 2,000,000

Total sales 12,000,000

Compute the total output VAT.

5. A VAT-registered service provider prepared the following list of cash collections during a month:

Gross receipts inclusive of VAT 504,000

Client advances 200,000

Proceeds of bank loan 300,000

Total 1,014,000

Compute the output VAT.