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VAT Calculation for PayaWash Corp.

PayaWash Corp is a VAT-registered laundry business. During the second quarter of 2020: - Net revenues were P20 million - Receivables increased from P4.48 million to P6.72 million - Creditable VAT withheld was P100,000 - VAT purchases excluding capital goods were P6 million - VAT purchases for machinery in April was P24 million The document calculates the company's output tax due and available input tax credits for the quarter.

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691 views2 pages

VAT Calculation for PayaWash Corp.

PayaWash Corp is a VAT-registered laundry business. During the second quarter of 2020: - Net revenues were P20 million - Receivables increased from P4.48 million to P6.72 million - Creditable VAT withheld was P100,000 - VAT purchases excluding capital goods were P6 million - VAT purchases for machinery in April was P24 million The document calculates the company's output tax due and available input tax credits for the quarter.

Uploaded by

Che Che
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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  • Quarterly Financial Data

PayaWash Corp,. a VAT-registered company, is engaged in laundry business.

During the
second quarter of 2020, the following information were made available:

Net revenues P20,000,000

Receivables from customers, April 1 4,480,000

Receivables from customers, June 30 6,720,000

Creditable VAT withheld by the LTO R4A from form 2306 100,000

VAT purchases, other than capital goods 6,000,000

VAT purchases, machinery (all in April) 24,000,000

Receivable balances are all income related and are inclusive of VAT. Revenues and purchases are VAT
exclusive. Capital goods are estimated to have a useful life of 10 years

Net revenues 20,000,000

dd: Receivables April 1, net of VAT 4,000,000

Less: Receivables June 30, net of VAT 6,000,000

Gross receipts or collections for the quarter 18,000,000

Multiply by: VAT rate 12%

OUTPUT TAX DUE FOR THE QUARTER P2,160,000

Allocation of gross receipts:

Total Gross Receipts 18,000,000

This study source was downloaded by 100000805804371 from [Link] on 03-27-2022 [Link] GMT -05:00

[Link]
Sale to the Government

Creditable withholding VAT 100,000

Divide by: CW VAT rate 5% (2,000,000)

Sale to private entities P16,000,000

Total available input VAT for the quarter

VAT Purchases, other than capital goods P720,000

VAT

Purchases, Capital Goods 2,880,000

TOTAL AVAILABLE INPUT VAT 3,600,000

This study source was downloaded by 100000805804371 from [Link] on 03-27-2022 [Link] GMT -05:00

[Link]
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