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Acctg 1 5th Unit

This document discusses Philippine taxes and VAT transactions. It lists common Philippine taxes, the two types of merchandise transaction taxes, transactions subject to input and output tax, and the two major accounts used when closing entries. It also provides details of purchases, returns, sales, and VAT payments between Dram Trading and Getar Enterprises/Floot Merchandising in December and January, including amounts and payment terms. This information will be used to compute VAT for the transactions.

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Brian Reyes Gangca
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125 views1 page

Acctg 1 5th Unit

This document discusses Philippine taxes and VAT transactions. It lists common Philippine taxes, the two types of merchandise transaction taxes, transactions subject to input and output tax, and the two major accounts used when closing entries. It also provides details of purchases, returns, sales, and VAT payments between Dram Trading and Getar Enterprises/Floot Merchandising in December and January, including amounts and payment terms. This information will be used to compute VAT for the transactions.

Uploaded by

Brian Reyes Gangca
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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II.

Enumeration

1-13 Common Philippines Taxes


14-15 2 Types of Merchandise Transaction Taxes
16-20 Transactions Under Input Tax
21-25 Transactions Under Output Tax
26-27 Two major accounts during closing of entries
28-30 Three Real Accounts

III. Computation. The following are transaction related to the purchase of merchandise of
Dram Trading from Getar Enterprises.

Dec 11 Dram Trading purchased merchandise on account from Getar Enterprises in the
amount of P336,000 inclusive of 12% VAT, Terms 1/15, n/30

Dec 12 Dram Trading returned to Getar Enterprises defective merchandise worth P56,
000 inclusive of 12% VAT

Dec 14 Dram Trading sold merchandise to Floot Merchandising for P280,000 cash
inclusive of 12% VAT

Jan 8 Dram Trading paid VAT

Prepared by: Checked by:

BRIAN REYES GANGCA ENGR. EVA M. OLOFERNES


Subject Teacher Basic Education Principal

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