Reference no: EM133068855
Questions -
Q1. On January 30, 2021, XYZ Corporation, a non-VAT registered company, purchased from ABC Corporation, a VAT registered company, goods and paid a total amount P156,800, inclusive of VAT. on February 1, 2021, XYZ Corporation became liable to VAT. The goods were sold on February 28, 2021 for P280,000, VAT inclusive. Compute for the VAT payable.
a. P30,000
b. P13,200
c. P27,200
d. P16,800
Q2. On January 2020, DEF Corporation is a VAT registered manufacturer of refined sugar, purchased in cash from STU Corporation, also a VAT registered company, sugar cane amounting to P80,000. The refined sugar produced were sold on January 2020 on credit for P150,000, VAT exclusive. Compute for the VAT payable.
a. P18,000
b. P8,400
c. P14,800
d. P9,600
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