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Business Tax - VATable Transactions Practice

The document contains 6 practice problems about calculating VAT (value-added tax) for various business transactions. The problems involve determining VAT amounts for sales by businesses in different industries like agriculture, real estate, franchising, rentals, and air transportation. The correct calculation of VAT depends on whether the business is VAT-registered and the nature of the goods or services involved in each transaction.

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Drew Banluta
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190 views2 pages

Business Tax - VATable Transactions Practice

The document contains 6 practice problems about calculating VAT (value-added tax) for various business transactions. The problems involve determining VAT amounts for sales by businesses in different industries like agriculture, real estate, franchising, rentals, and air transportation. The correct calculation of VAT depends on whether the business is VAT-registered and the nature of the goods or services involved in each transaction.

Uploaded by

Drew Banluta
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Practice Problems

AEC Business Taxes


VATable Transactions

1. Yunru is an individual holding multiple businesses. All business are VAT registered. The following
data for the quarter:
a. Fresh Produce market
a. Export sales of processed goods, P400,000
b. Sale of bananas, P20,000
c. Sale of salted fish, P30,000
d. Sale of apples, P50,000
b. Pet shop
a. Sale of pets P200,000
b. Sale of pet feeds P150,000
c. Taxi business, total receipts of P50,000

How much is the total VAT, if any?

2. The following amounts were received as receipts (excluding applicable VAT) by a restaurant. The
restaurant is VAT registered
a. Sale of freshly picked apples, P4,000
b. Sale of steak, P50,000
c. Sale of wine and other alcohol, P20,000
d. Receipts for valet service, P3,000
e. Other sales to service citizens, P1,600

How much is the total VAT?

3. A real estate dealer is not VAT registered. He made the following sales for the year:
a. House and Lot A, P3,199,200
b. Lot B in a subdivision, P1,800,000
c. Lot C in a subdivision, P1,750,000
d. Lot D in a commercial area, P1,800,000
e. House and Lot E, P2,000,000
f. Lot F, adjacent to Lot E, P1,200,000
g. Low cost housing, P800,000

Lot E and F were sold to the same buyer.

How much is the total VAT?

CVGCastro Q4 2021-2022
4. The franchises are available and their corresponding receipts exclusive of any VAT:

Fast food franchises P5,000,000


Radio franchise 10,000,000
Television franchise 7,000,000
Water utility 4,000,000
Electric distribution company 5,000,000
Convenience store franchise 6,000,000

The television franchisor is VAT registered. How much is the total VAT?

5. Yunru company is VAT registered. It had the following data exclusive of VAT

Residential Residential Residential Residential


Apartment A Apartment B Apartment C Apartment D
No. of units 20 15 12 12
Monthly rental per unit 11,000 12,800 13,000 14,000

How much is the total VAT?


If the company is not VAT registered, how much is its VAT?

6. A domestic corporation, VAT registered, had the following receipts:

Flights between Cebu and Cagayan de Oro P560,000


Flights between Cagayan de Oro and Davao 728,000
Flights between Manila and Cagayan de Oro 650,000
Flights from Manila to Hong Kong 500,000
Flights from Hong Kong to Manila 600,000

How much is the total VAT?

CVGCastro Q4 2021-2022

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