PRE-PRELIM DEPARTMENTAL QUIZZER

SUGGESTED ANSWER

1 C
2 A
3 B, even if the rate is the same but the resulting tax due will be progessive
4 B
5 B
6 D
7 D
8 D
9 A
10 D
11 C
12 D
13 A
14 C
15 A
16 A
17 B
18 B
19 C
20 C
21 D
22 A
23 A
24 D, to be VATABLE, monthly lease must be MORE THAN 12,800
25 D (250,000 X 12%). For importations, VAT is computed based on (1) Landed Cost or Invoice Amount or (2) Dutiable Value or Value assigned by BIR
if Landed Cost is not available.. PLUS all necessary expenses before the release in the custody of the Bureau of Customs
26 B
Invoice Amount (P12,500 / 10%) 125,000.00
Customs Duties 12,500.00
Other Charges 9,500.00
TOTAL 147,000.00
Multiply: 12%
VAT DUE 17,640.00

27 D
Invoice Amount ($7,000 x P5) 350,000.00
Insurance 15,000.00
Freight 10,000.00
Postage 5,000.00
Wharfage 7,000.00
Arrastre Charges 8,000.00
Brokerage Fee 25,000.00
Customs Duties 50,000.00
Excise Taxes 30,000.00
TOTAL 500,000.00
Multiply: 12%
VAT DUE 60,000.00
28 B
OUTPUT VAT (600,000 x 12%) 72,000.00
INPUT VAT FROM IMPORTATION 60,000.00
VAT PAYABLE 12,000.00

29 C
Cash Sales 200,000.00
Account sales 100,000.00
Installment sales 100,000.00
Deemed Sale (April 15) 100,000.00
TOTAL 500,000.00
Multiply: 12%
VAT DUE 60,000.00

30 D
Good For sale (224,000/1.12x.12) 24,000.00
Supplies (20,000 x 12%) 2,400.00
Office air conditioner (56,000/1.12x.12) 6,000.00
Home appliance (personal) -
Repair (no valid receipt) -
TOTAL 32,400.00

31 C
OUTPUT (1,500,000 X 12%) 180,000.00
INPUT (1,120,000 / 1.12 X .12) 120,000.00
VAT PAYABLE 60,000.00

32 B
OUTPUT
SALES (140,000 x 12%) 16,800.00
sales (45,000 / 1.12 x .12) 4,821.43
INPUT
Purchases (70,000 x 12%) (8,400.00)
Transitional Input (6,000.00)
VAT PAYABLE 7,221.43

33 D
OUTPUT: Net Sales (6,600,000 x 12%) 792,000.00
INPUT: Net Purchases (5,200,000 x 12%) (624,000.00)
Deferred Input VAT (9,500.00)
VAT PAYABLE 158,500.00

34 D
OUTPUT VAT 36,000.00
INPUT VAT:
Purchases, not directly attributable 7,200.00
Multiply: 300 / 500 4,320.00
VAT PAYABLE 31,680.00
35 C
36 A
OUTPUT VAT (2,000,000 X 12%) 240,000.00
INPUT VAT
purchases ((784,000+112,000)/1.12x.12) (96,000.00)
presumptive (500,000 x 4%) (20,000.00)
VAT PAYABLE 124,000.00

37 5,400.00
OUTPUT: Net Sales (313,600/1.12x.12) 33,600.00
Foreign Currency (170,000 x 0%) -
INPUT: Purchases (263,200 / 1.12 x .12) (28,200.00)
Purchases from BOI (0%) -
VAT PAYABLE 5,400.00

38 A
OUTPUT VAT: (2,240,000/1.12X.12) 240,000.00
ADVANCES (1,000,000 X 12%) 120,000.00
INPUT
MATERIALS (500,000 X 12%) (60,000.00)
SUPPLIES (100,000 X 12%) (12,000.00)
SERVICES OF SUB-CON (180,000.00)
VAT PAYABLE 108,000.00

39 C (507,000/1.12X.12)

40 OCTOBER NOVEMBER DECEMBER

OUTPUT 96,000.00 180,000.00 336,000.00
INPUT 108,000.00 72,000.00 228,000.00
VAT DUE (12,000.00) 108,000.00 108,000.00
LESS:
EXCESS CREDIT 50,000.00 62,000.00 50,000.00
PAYMENTS 46,000.00
VAT PAYABLE (62,000.00) 46,000.00 12,000.00

41 1,020,000.00
42 148,500.00
43 132,375.00
44 80,250.00
45 88,875.00
46 455,875.00
47 86,125.00 GAIN
48 571,500.00
TRANSACTION SALES OUTPUT IV-DIRECT IV-NOT DIRECT TOTAL CREDITABLE PAYABLE CREDIT PAYABLE
12% VAT 6,000,000.00 720,000.00 36,000.00 112,500.00 148,500.00 148,500.00 571,500.00 571,500.00
0%VAT 4,500,000.00 48,000.00 84,375.00 132,375.00 132,375.00 (132,375.00)
EXEMPT 3,000,000.00 24,000.00 56,250.00 80,250.00 -
GOVERNMENT 2,500,000.00 300,000.00 42,000.00 46,875.00 88,875.00 175,000.00 125,000.00 (125,000.00)
16,000,000.00 1,020,000.00 150,000.00 300,000.00 450,000.00 455,875.00 564,125.00 (125,000.00) 571,500.00
49
OUTPUT VAT (581,900/1.12X.12) 62,346.43
INPUT VAT
PURCHASES OF GOODS (100,000X12%) (12,000.00)
PURCHASES OF SERVICES (20,000X12%) (2,400.00)
TRANSITIONAL INPUT (4,800.00)
VAT PAYABLE 43,146.43

50
OUTPUT VAT
Cash Sales (336,000/1.12x.12) 36,000.00
Open account sales (112,000/1.12x.12) 12,000.00
Consignment Sales (January 1) 24,000.00
INPUT VAT
Materials (40,000 x 12%) (4,800.00)
Transitional Input (290,000 x2%) (5,800.00)
Equipment (2,050,000x.12/60x3) (4,100.00)
VAT DUE 57,300.00

51
OUTPUT VAT
RECEIVED FROM BLDG 1(800,000X12%) 96,000.00
RECEIVED FROM BLDG 2(400,000X12%) 48,000.00
RECEIVED FROM BLDG 3(1,000,000X12%) 120,000.00
INPUT VAT
SUBCONTRACTORS (500,000 X 12%) (60,000.00)
MATERIALS FOR CONSTRUCTIONS (84,000.00)
IMPORTED MATERIALS, INCLUDING EXCISE (26,400.00)
VAT PAYABLE 93,600.00

52 0
53
STANDARD INPUT VAT (180,000 X 7%) 12,600.00
ACTUAL INPUT 19,000.00
GAIN ON DIFFERENCE 6,400.00