Nicanor, a non-VAT taxpayer sold to Kyle, a VAT taxpayer, his goods for P 50,000. The next day, Kyle sells the same goods to Bimbie, a VAT taxpayer for P 89,600. Bimbie on the same day, sold the same goods to PCSI Co., Inc, a VAT taxpayer, and an accredited exporter in the Philippines for P 123,200. The next day, PCSI Co., exports the same goods for $ 7000 to USA ($1 = Php 45). All amounts given are total invoice prices.

Nicanor, a non-VAT taxpayer sold to Kyle, a VAT taxpayer, his goods for P 50,000. The next day, Kyle sells the same goods to Bimbie, a VAT taxpayer for P 89,600. Bimbie on the same day, sold the same goods to PCSI Co., Inc, a VAT taxpayer, and an accredited exporter in the Philippines for P 123,200. The next day, PCSI Co., exports the same goods for $ 7000 to USA ($1 = Php 45). All amounts given are total invoice prices.

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter4: Gross Income: Concepts And Inclusions

Section: Chapter Questions

Problem 12DQ

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Similar questions

Nicanor, a non-VAT taxpayer sold to Kyle, a VAT taxpayer, his goods for P 50,000. The next day, Kyle sells the same goods to Bimbie, a VAT taxpayer for P 89,600. Bimbie on the same day, sold the same goods to PCSI Co., Inc, a VAT taxpayer, and an accredited exporter in the Philippines for P 123,200. The next day, PCSI Co., exports the same goods for $ 7000 to USA ($1 = Php 45). All amounts given are total invoice prices. Question: The Overpayment of PCSI is:
Nancy, a non-VAT taxpayer sold to Kyle, a VAT taxpayer, his goods for P50,000. The next day, Kyle sells the same goods to Bimbie, a VAT taxpayer for P 89,600. Bimbie on the same day, sold the same goods to PCSI Co., Inc, a VAT taxpayer, and an accredited exporter in the Philippines for P 123,200. The next day, PCSI Co., exports the same goods for $ 7000 to USA ($1 = Php 45). All amounts given are total invoice prices. What is the Value-added tax payable of Bimbie?
ella, a non-VAT taxpayer sold to Millie, a VAT taxpayer, his goods for P 50,000. The next day, Millie sells the same goods to Bimbie, a VAT taxpayer for P 89,600. Bimbie on the same day, sold the same goods to PCSI Co., Inc, a VAT taxpayer, and an accredited exporter in the Philippines for P 123,200. The next day, PCSI Co., exports the same goods for $ 7000 to USA ($1 = Php 45). All amounts given are total invoice prices. Question: The Value-added tax payable of Millie is:
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Mr. C sold goods worth P201,600 (inclusive of vat) to Mr. D on account. Mr. D purchased goods from Mr. E worth P200,000 (exclusive of vat) on account. Mr. D sold all of the goods purchased to Mr. X at 40% above cost plus vat. All of them are VAT registered taxpayers. How much is the sales to be recorded by Mr. D?