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How much is the value added tax on the sales account

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Question - Goldilocks sells cakes and pastry items to well known hotels and resorts along Rizal province. The hotels are allowed credit based on the track record of the hotels. The total amounts received or receivable from sales by Goldilocks in for the second quarter of the current year were P2,200,000 VAT inclusive. The products were sold partly on a cash bases and partly on account. Based on reliable estimates, 60% of the total sales were sold on account. How much is the value added tax on the sales account for the second quarter?

Reference no: EM132915605

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