I. PROBLEM SOLVING (10pts). NO SOLUTIONS, WRONG!!

1. 1. POKMARU Inc. is a real estate dealer. Details of its sales during the year showed the following:

   Date of sale June 2, 2018

   Consideration in the deed of sale P 10,000,000

   Fair market value in the assessment 9,600,000

   Zonal value 10,400,000

   Schedule of Payments:

   June 2, 2022 2,000,000

   June 2, 2023 3,000,000

   June 2, 2024 3,000,000

   How much is the output tax to be recognized for the June 2, 2024 payment?

2. (NOTE: no peso sign, use comma for thousandths, no decimals, round off to nearest peso)

I. PROBLEM SOLVING (10pts). NO SOLUTIONS, WRONG!!

1. 2. POKMARU Inc. is a real estate dealer. Details of its sales during the year showed the following:

   Date of sale June 2, 2018

   Consideration in the deed of sale P 10,000,000

   Fair market value in the assessment 9,600,000

   Zonal value 10,400,000

   Schedule of Payments:

   June 2, 2022 2,000,000

   June 2, 2023 3,000,000

   June 2, 2024 3,000,000

   Assuming that the scheduled payment on June 2, 2022 is P 4,000,000, how much is the output tax to be recognized for the June 2, 2024 payments?

2. (NOTE: no peso sign, use comma for thousandths, no decimals, round off to nearest peso)

I. PROBLEM SOLVING (10pts). NO SOLUTIONS, WRONG!!

Numbers 3 and 4 are based on the following information:

1. 3. ALICE GUO had the following data for the month of June 2024 (all amount is vat exclusive):

   1. CASE 1 CASE 2

   2. Sales 3,800,000 1,800,000

   Purchase of Goods 1,260,000 1,600,000

2. Purchases of machines 1,440,000 900,000

   Machine Life 6 years 3 years

   The amount of vat payable (excess tax) shall be on CASE 1:

3. (NOTE: no peso sign, use comma for thousandths, no decimals, round off to nearest peso)

I. PROBLEM SOLVING (10pts). NO SOLUTIONS, WRONG!!

Numbers 3 and 4 are based on the following information:

1. 4. ALICE GUO had the following data for the month of June 2024 (all amount is vat exclusive):

   1. CASE 1 CASE 2

   2. Sales 3,800,000 1,800,000

   Purchase of Goods 1,260,000 1,600,000

2. Purchases of machines 1,440,000 900,000

   Machine Life 6 years 3 years

   The amount of vat payable (excess tax) shall be on CASE 2:

3. (NOTE: no peso sign, use comma for thousandths, no decimals, round off to nearest peso)

I. PROBLEM SOLVING (10pts). NO SOLUTIONS, WRONG!!

5. SENRISA, VAT registered, made the following purchases during the month of January 2021:

Goods for sale, inclusive of VAT 246,400

Supplies, exclusive of VAT 20,000

Packaging materials, total invoice amount 56,000

Home appliance for residence, gross of VAT 17,920

Office machines (5 pcs), 8 years useful life, net of VAT 2,000,000

Repair of store amounted to P 20,000, no supporting official receipt. Creditable input taxes are:

1. (NOTE: no peso sign, use comma for thousandths, no decimals, round off to nearest peso)

I. PROBLEM SOLVING (10pts). NO SOLUTIONS, WRONG!!

6. GuHuaPing, an owner of warehouse, which used to be vat exempt, because its annual receipts never exceeded the vat threshold, decided to register under the vat system on January 2 ,2024, The following data were from the 1st quarter ending March 31, 2024:

Rental from warehousing services, net of vat P 336,000

Purchases of supplies in February, gross of vat 112,000

Inventory of supplies, January 1, 2024 100,000

Vat on inventory of supplies, January 1, 2024 10,000

What is the VAT Payable for the quarter ending March 31,2024?

1. (NOTE: no peso sign, use comma for thousandths, no decimals, round off to nearest peso)

I. PROBLEM SOLVING (10pts). NO SOLUTIONS, WRONG!!

Numbers 7 and 8 are based on the following information:

 

YOKO NA is a VAT registered processor of sardines. The following data were provided for purposes of determining the taxpayer’s payable:

 

SALES (processed sardines, exclusive of vat)                                            P800,000

PURCHASES/PAYMENTS:

Sardines purchased from fish dealers (invoice amount)                   200,000

Tomatoes purchased from farmers                                                        85,000

Purchased of olive oil (invoice amount)                                                 67,200

Purchased of can containers (excl. of vat)                                            25,000

Payments for paper labels (excl. of vat)                                                 12,000

Purchased of cardboard for boxes (incl. of vat)                                   8,960

Payments for hauling services from non-VAT registered                 100,000

 

7. 7. Determine the presumptive input VAT

1. (NOTE: no peso sign, use comma for thousandths, no decimals, round off to nearest peso)

I. PROBLEM SOLVING (10pts). NO SOLUTIONS, WRONG!!

Numbers 7 and 8 are based on the following information:

 

YOKO NA is a VAT registered processor of sardines. The following data were provided for purposes of determining the taxpayer’s payable:

 

SALES (processed sardines, exclusive of vat)                                            P800,000

PURCHASES/PAYMENTS:

Sardines purchased from fish dealers (invoice amount)                   200,000

Tomatoes purchased from farmers                                                        85,000

Purchased of olive oil (invoice amount)                                                 67,200

Purchased of can containers (excl. of vat)                                            25,000

Payments for paper labels (excl. of vat)                                                 12,000

Purchased of cardboard for boxes (incl. of vat)                                   8,960

Payments for hauling services from non-VAT registered                 100,000

 

7. 8. Determine the value added tax payable/excess input tax of YOKO NA

1. (NOTE: no peso sign, use comma for thousandths, no decimals, round off to nearest peso)

I. PROBLEM SOLVING (10pts). NO SOLUTIONS, WRONG!!

Numbers 9 and 10 are based on the following information:

SEAHNXTYIR is a VAT registered processor of fruits. The following data were provided for purposes of determining the taxpayer’s VAT payable:

Sales (processed fruits, inclusive of VAT) P 672,000

Purchases/payments:

Purchased of fruits from farmers 200,000

Purchased of raw sugar from millers 60,000

Purchased of bottles (invoice amount) 22,400

Purchased of can containers (exc. of VAT) 50,000

Payments for paper labels (incl. of VAT) 5,600

Purchased of cardboard for boxes (incl. of VAT) 3,360

Payments for hauling services from VAT registered

Forwarders (exc. of VAT) 60,000

9. Determine the presumptive input VAT

1. (NOTE: no peso sign, use comma for thousandths, no decimals, round off to nearest peso)

I. PROBLEM SOLVING (10pts). NO SOLUTIONS, WRONG!!

Numbers 9 and 10 are based on the following information:

SEAHNXTYIR is a VAT registered processor of fruits. The following data were provided for purposes of determining the taxpayer’s VAT payable:

Sales (processed fruits, inclusive of VAT) P 672,000

Purchases/payments:

Purchased of fruits from farmers 200,000

Purchased of raw sugar from millers 60,000

Purchased of bottles (invoice amount) 22,400

Purchased of can containers (exc. of VAT) 50,000

Payments for paper labels (incl. of VAT) 5,600

Purchased of cardboard for boxes (incl. of VAT) 3,360

Payments for hauling services from VAT registered

Forwarders (exc. of VAT) 60,000

10. Determine the value added tax payable/excess input tax of SEAHNXTYIR

1. (NOTE: no peso sign, use comma for thousandths, no decimals, round off to nearest peso)