WorksheetsQUIZ NO. 3 REGULAR OUTPUT VAT
Total questions: 5
Worksheet time: 25mins
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?
(a)
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.
(a)
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.
(a)
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.
(a)
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.
(a)
