MULTIPLE CHOICE – PROBLEMS: PART 1 1. A non-V non-VAT taxpayer so! "oo!s #or P$%&%%%. P$%&%%%. Ha# o# '()*( '()*( )s pa)! pa)! +y t(e +,yer '(o "ae a pro)ssory note #or t(e +aan*e. T(e o,tp,t VAT )s a. P % +. P 1& 1&$%% *. P $&/%% !. P /& /&0%% $. A VA VAT-taxpayer so! "oo!s "oo!s #or P/%&%%% P/%&%%% '()*( ex*,!es ex*,!es a P 1&%%% 1&%%% !e)ery *(ar"e an! VAT. T(e +,yer pa)! P %&%%% !o'npayent an! pro)se! to pay t(e P11&%%% +aan*e p,s t(e VAT )n % !ays. 2(at )s t(e o,tp,t VAT3 a. P /&4$% +. P /& /&0%% *. P &5%% !. P % . A VA VAT-taxpayer *op)e! t(e #oo')n" #or t(e p,rpose p,rpose o# 6)n" ()s ()s BIR 7or 7or $88%M: Saes to VAT taxpayers Saes to non-VAT taxpayers TOTAL 2(at )s t(e o,tp,t VAT3 a. +. *. !.
P P P P
P $%%&%%% 18%&%%% P350,000
% 10 10&%%% $/ $/&%%% /$ /$&%%%
/. A VA VAT-re")stere! -re")stere! *ar !eaer so! so! t(e #oo')n" #oo')n" "oo!s to a reat)e reat)e Se)n" Pr)*e P %%&%%% 7a)r ar9et a,e 8%%&%%% 2(at )s t(e o,tp,t VAT3 a. P % +. P 5 5&%%% *. P /$ /$&%%% !. P 5% 5%&%%% 8. A VA VAT-re")stere! -re")stere! reaty !eaer so! so! a par9)n" ot at t(e #oo')n" #oo')n" ters: ona a,e ;#a)r a,e< Less: 1%= !)s*o,nt Selling price Cop,te t(e o,tp,t VA VAT T. a. P % +. P 15 150&%%% *. P $1 $15&%%%
P $&%%%&%%% $%%&%%% P 1,800,000
!. P $/%&%%% 5. A VAT-re")stere! seer so! ar)o,s er*(an!)se at '(oesae pr)*e ex*,s)e o# VAT: Pro!,*t tota reta) pr)*e Less: Tra!e !)s*o,nt ;1%=< Pro!,*t '(oesae pr)*e Less: Cas( !)s*o,nt ;8=
P %%&%%% %&%%% P $>%&%%% 1&8%% P $85&8%%
?If the customer pays in 15 days 2(at )s t(e o,tp,t VAT3 a. P % +. P %&>0% *. P $&/%% !. P 5&%%% >. A non-VAT taxpayer prepare! t(e s,ary o# saes #or t(e p,rpose o# 6)n" ()s BIR 7or $881M: Saes to VAT-taxpayers P $%%&%%% Saes to non-VAT taxpayers 18%&%%% TOTAL 8%&%%% Cop,te t(e o,tp,t VAT. a. P % +. P 10&%%% *. P $/&%%% !. P /$&%%% 0. Mr. Venta )s a VAT-re")stere! seer o# Hot S)opaoD. ,r)n" t(e ont(& )t so! a tota o# P/%%&%%% o,t o# '()*( P%%&%%% 'ere pa)! +y *,stoers. ,r)n" t(e ont( (e a!e a tota *oe*t)on o# P/$%&%%% )n*,s)e o# *oe*t)on o# past a**o,nts. Cop,te t(e o,tp,t VAT. a. P 8%&/%% +. P /0&%%% *. P 5&%%% !. P % 4. A VAT-re")stere! pra*t)*)n" a'yer !)s*ose! t(e #oo')n" !,r)n" t(e ont(: Tota pro#ess)ona #ees +)e! Tota pro#ess)ona #ees *oe*te! A!an*es +y *erta)n *)ents Cop,te t(e o,tp,t VAT. a. P 1$%&%%% +. P 45&%%% *. P >$&%%%
P 0%%&%%% 5%%&%%% $%%&%%%
!. P %
1%.A VAT-ser)*e pro)!er prepare! t(e #oo')n" )sts o# *as( *oe*t)ons !,r)n" t(e ont(: ross re*e)pts )n*,s)e o# VAT C)ent a!an*es Pro*ee!s o# +an9 oan TOTAL Cop,te t(e o,tp,t VAT. a. P 8/&%%% +. P >0&%%% *. P 0/&0%% !. P 1%0&5/
P 8%/&%%% $%%&%%% %%&%%% P 1&%1/&%%%
MULTIPLE CHOICE – PROBLEMS: PART $ 1. A VAT-seer o# "oo!s +)e! t(e #oo')n" to a *,stoer: L)st pr)*e P 0%%&%%% Tra!e !)s*o,nt 1$8&%%% @ET PRICE P 5>8&%%% T(e *re!)t ter #or t(e sae 'as $=F18& n 5% !ays. 2(at )s t(e o,tp,t VAT3 a. P 45&%%% +. P 01&%%% *. P >4&0% !. P >%&0>8 $. A VAT-seer o# "oo!s reporte! t(e #oo')n" !,r)n" t(e ont(: ross saes Less: Cas( !)s*o,nt #or eary P 8%&%%% payent Saes ret,rns $%&%%% @et saes 2(at )s t(e o,tp,t VAT #or t(e ont(3 a. P 81&5%% +. P 8/&%%% *. P 8>&5%% !. P 5%&%%%
P 8%%&%%%
>%&%%% P /%&%%%
. A resta,rant '()*( aso *aters #or spe*)a eents (a! t(e #oo')n" !ata '()*( ay +e reeant )n 6)n" )ts BIR 7or $88%M: ross re*e)pts #ro *,stoers
P 8%%&%%%
ross re*e)pts #ro a!an*e! 8%&%%% reserat)ons C)ent +aan*es e)!en*e! +y >%&%%% pro)ssory note TOTAL P 5$%&%%% Cop,te t(e o,tp,t VAT. a. P 5%&%%% +. P 55&%%% *. P 50&/%% !. P >/&/%% /. A VAT-seer erey )n!)*ate! an ao,nt o# P%%&%%% on a +) ')t(o,t separatey )n!)*at)n" t(e VAT t(ereon. 2(at )s t(e o,tp,t VAT3 a. P % +. P $&1/ *. P 5&%%% !. P /%&%%% 8. A VAT-seer )n!)*ate t(e #oo')n" )n a VAT )no)*e e)!en*)n" t(e sae o# e"eta+es: Se)n" pr)*e P 8&%%% O,tp,t VAT 5%% Tota ao,nt !,e P 8&5%% 2(at )s t(e o,tp,t VAT3 a. P % +. P 5%% *. P 5&8$% !. P 5&>$% 5. I@ t(e )e!)atey pre*e!)n" pro+e& *op,te t(e o,tp,t VAT ass,)n" t(e sae )s a!e +y a non-VAT seer. a. P % +. P 5%% *. P 5&8$% !. P 5&>$% >. A VAT taxpayer (a! t(e #oo')n" )no)*e! saes !,r)n" t(e 6rst G,arter o# $%18: an,ary P $0%&%%% 7e+r,ary />&$%% Mar*( 1&5%% 2(at )s t(e reporta+e o,tp,t VAT )n an,ary& 7e+r,ary an! Mar*(& respe*t)ey3 a. P &5%% P /1&55/ P >&5$ +. P &5%% P /1&55/ P 11$&045 *. P %&%%% P >&$%% P &5%% !. P %&%%% P >&$%% P 1%%&0%% 0. A rea property !eaer so! an a"r)*,t,ra ot #or P$&8%%&%% ')t( t(e #oo')n" a,es:
Appra)sa a,e P &%%%&%%% ona a,e $&%%%&%%% Assesse! a,e 1&8%%&%%% Cop,te t(e o,tp,t VAT. a. P 10%&%%% +. P $/%&%%% *. P %%&%%% !. P 5%&%%% 4. A VAT-re")stere! +,)!)n" *ontra*tor '(o reports ,n!er t(e *aen!ar year +as)s (a! t(e #oo')n" +))n"s an! *oe*t)ons ;)n*,s)e o# VAT< re"ar!)n" )ts *onstr,*t)on *ontra*ts: BILL COLLECTIO@ ,ne P //0&%%% P /%&$%% ,y 8%/&%%% /8&5%% A,",st 5&%%% %$&/%% 2(at )s t(e o,tp,t Vat )n ,ne an! ,y3 a. P 8&>5% P 11/&$/% +. P /0&%%% P8/&%%% *. P /&$%% P 41&0%% !. P /&$%% P /0&5%% 1%.In t(e )e!)atey pre*e!)n" pro+e& '(at )s t(e o,tp,t VAT )n A,",st3 a. P 10&%%% +. P 1$/&$%% *. P 5&%%% !. P $&/%% MULTIPLE CHOICE – PROBLEMS: PART 1. In ,ne $%1/& a reaty !eaer so! a res)!ent)a ot #or P$&%%%&%%%. T(e ot (a! a #a)r a,e o# P$&8%%&%%% at t(e !ate o# sae. T(e +,yer a"ree! to pay )n P 1%%&%%% ont(y )nstaent ,ne $%1/. 2(at )s t(e o,tp,t VAT )n ,ne $%1/ an! ,y $%1/& respe*t)ey3 a. P %%&%%% P % +. P $/%&%%% P % *. P 18&%%% P 18&%%% !. P 1$&%%% P 1$&%%% $. On Apr) $%18& a VAT-re")stere! reaty !eeoper so! a *on!o)n), ,n)t at a se)n" pr)*e o# P&5%%&%%%. T(e +,yer a"ree! to pay )n 5 ont(y )nstaents. T(e property (a! a Jona a,e o# P/&%%%&%%% an! assesse! a,e o# P&%%%&%%% at t(e !ate o# sae. 2(at )s t(e o,tp,t VAT on eery )nstaent3 a. P 1& +. P 1$&%%% *. P 1%&%%% !. P %
. A VAT-re")stere! reator so! a *oer*)a +,)!)n" at a se)n" pr)*e o# P$%&%%%&%%% paya+e oer $% ont(y )nstaent o# P1&%%%&%%%. A sape ont(y +) o# t(e reator !ep)*ts t(e #oo')n": Instaent !,e P 1&%%%&%%% P,s: O,tp,t VAT 1//&%%% Ino)*e pr)*e P 1&1//&%%% 2(at )s t(e #a)r a,e o# t(e property so!3 a. P $%&%%%&%%% +. P $$&%%%&%%% *. P $/&%%%&%%% !. P %&%%%&%%% /. A reator so! a *oer*)a an! #or P 1&8%%&%%% on @oe+er $%1/. $%= !o'npayent 'as reG,)re! an! t(e +aan*e 'as !,e on $% ont(y )nstaent o# P5%&%%% start)n" e*e+er $%1/. 2(at )s t(e o,tp,t VAT #or @oe+er an! t(e G,arter en!)n" e*e+er $%1/3 a. P 10%&%%% P 10%&%%% +. P 5&%%% P /&$%% *. P 5&%%% P >&$%% !. P 10%&%%% P % 8. A rea property !eeoper ex*(an"e! one o# )ts an! )nentory ')t( a Jona a,e o# P $&%%%&%%% an! assesse! a,e o# P 1&8%%&%%% #or t(e sto*9s o# anot(er *orporat)on. 2(at )s t(e o,tp,t VAT on t(e ex*(an"e3 a. P % +. P 10%&%%% *. P $1/&$05 !. P $/%&%%% 5. A VAT-re")stere! seer o# "oo!s reporte! t(e #oo')n" )n a ont(: Cas( saes P $%%&%%% Cre!)t saes %%&%%% Instaent saes /%%&%%% Cons)"nent saes ;% !ays o!< 1%%&%%% TOTAL P 1&%%%&%%% Cop,te t(e o,tp,t VAT. a. P $/ %%% +. P 5% %%% *. P >$ %%% !. P 1%0 %%% >. A VAT-re")stere! seer re*e)e! t(e #oo')n" stateents #ro )ts *ons)"nees: ross pr)*e P 8%% %%% Less: Co)ss)on ;$%=< 1%% %%% 7re)"(t *(ar"er $% %%% @ET REMITTA@CE P 0% %%% 2(at s(o,! +e t(e o,tp,t VAT )n t(e saes3
a. P // %%% +. P /8 5%% *. P 8> 5%% !. P 5% %%% 0. A VAT-seer (a! t(e #oo')n" s,ar)es o# saes an! *ons)"nent )n a Apr): Cas( saes P $%% %%% Cre!)t saes 18% %%% Saes reporte! +y *ons)"nees $8% %%% Unso! an,ary *ons)"nent 8% %%% Unso! 7e+r,ary *ons)"nent % %%% Unso! Mar*( *ons)"nent /% %%% Unso! Apr) *ons)"nent 58 %%% Ass,)n" t(at t(e r,es on !eee! sae 'as propery app)e! )n pr)or ont(s& '(at )s t(e o,tp,t VAT #or Apr)3 a. P /$ %%% +. P >8 5%% *. P >0 %%% !. P 01 5%% 4. e6n Corporat)on& a se*,r)ty !eaer& !e*are! t(e #oo')n" !))!en!s )n Mar*( $%18: Cas( !))!en! P 1 $%% %%% Property !))!en! 0%% %%% T(e property !))!en! represents ar)o,s er*(an!)se )nentor)es. Cop,te t(e o,tp,t VAT. a. P % +. P 45 %%% *. P 1// %%% !. P $/% %%% 1%.A#ter *onse*,t)e year o# pers)stent osses& L,)") Corporat)on !e*)!e! to )G,)!ate )ts +,s)ness. It (as t(e #oo')n" )tes )n )ts possess)on ,pon ter)nat)on o# operat)ons: Boo9 Va,e 7a)r Va,e Re*e)a+es P 1 $%% %%% P 1 $%% %%% Inestents $%% %%% /%% %%% Inentor)es 5%% %%% >%% %%% Propert)es an! eG,)pent 1 $%% %%% 0%% %%% Cop,te t(e o,tp,t VAT on t(e !eee! sae transa*t)on. a. P % +. P 150 %%% *. P $15 %%% !. P $/% %%% MULTIPLE CHOICE – PROBLEMS: PART /
1. Mr. ao+an" )s a VAT-re")stere! pro#ess)ona. He aso o'ns a (ote an! a pro#ess)ona pra*t)*e. He )nstr,*te! ()s a**o,nt)n" staK to )n!)*ate )n (ote re*e)pts as Jero-rate!. ,r)n" t(e ont(& (e (a! t(e #oo')n" re*e)pts #ro )ts +,s)ness an! exer*)se o# pro#ess)on:
ross re*e)pts #ro pro#ess)on P 1 %%% %%% ross re*e)pts #ro (ote 0%% %%% TOTAL P 1 0%% %%% Cop,te t(e o,tp,t VAT. a. P % +. P 45 %%% *. P 1$% %%% !. P $15 %%% $. Man" ,an app)e! #or t(e *an*eat)on o# ()s VAT re")strat)on. H)s app)*at)on 'as "rante! +y t(e BIR. At t(at t)e& (e (a! t(e #oo')n" )nentor)es o# ata+e "oo!s: S,pp)es& +o,"(t #ro non-VAT s,pp)ers P 8% %%% S,pp)es& +o,"(t #ro VAT s,pp)ers 0% %%% Mer*(an!)se& +o,"(t #ro VAT s,pp)ers 1%% %%% Mer*(an!)se& +o,"(t #ro non-VAT $% %%% s,pp)ers TOTAL $8% %%% Cop,te t(e o,tp,t VAT on t(e !eee! saes. a. P % +. P 0 /%% *. P $1 5%% !. P % %%% . A VAT-re")stere! #ar s,ppy !eaer so! t(e #oo')n" !,r)n" a ont(: 7ert))Jers P $%% %%% Corn see!s $8% %%% 7ar eG,)pent 1 $%% %%% Pest)*)!es %% %%% TOTAL P 1 48% %%% 2(at )s t(e o,tp,t VAT3 a. P $/ %%% +. P $%/ %%% *. P 10% %%% !. P 1// %%% /. A VAT-re")stere! +oo9store (a! t(e #oo')n" reen,es !,r)n" a ont(: Co)ss)on )n*oe on saes o# +oo9s Saes o# +oo9s (e! as )nentory Saes o# s*(oo s,pp)es TOTAL Cop,te t(e o,tp,t VAT.
P %% %%% /%% %%% 4%% %%% 1 5%% %%%
a. P 14$ %%% +. P 185 %%% *. P 1// %%% !. P 1%0 %%% 8. A VAT taxpayer a!e t(e #oo')n" saes !,r)n" t(e G,arter: Domestic sales: Saes o# VAT-exept "oo!s P 1 $%% %%% Saes o# ata+e "oo!s 4%% %%% Export sales 0%% %%% 2(at )s t(e o,tp,t VAT3 a. P /0 %%% +. P $8$ %%% *. P $%/ %%% !. P 1%0 %%% 5. Oa *orporat)on o'ns a *o)se, '()*( *aters to ar"e )n!oor eents. T(e *o)se, (a! t(e #oo')n" re*e)pts !,r)n" a ont(: SOURCE O7 ROSS RECEIPTS AMOU@T Pro#ess)ona +as9et+a "aes P /%% %%% Pro#ess)ona +ox)n" *opet)t)ons 8%% %%% Aate,r +as9et+a "aes 1%% %%% Aate,r +ox)n" *opet)t)ons 18% %%% M,s)*a *on*erts $8% %%% Re)")o,s "at(er)n"s 8% %%% Ot(er spe*)a eents or "at(er)n"s 1$% %%% TOTAL P18>% %%% 2(at )s t(e o,tp,t VAT3 a. P 100 /%% +. P 150 $1/ *. P 0% /%% !. P >1 >05 >. )n" Ban9 presente! t(e #oo')n" "ross re*e)pts !,r)n" t(e G,arter: Interest )n*oe-s(ort ter oans P / %%% %%% Interest )n*oe-on" ter oans 1 $%% %%% Renta o# ROPA 0%% %%% Pro*ess)n" #ees $%% %%% TOTAL P 5 $%% %%% Cop,te t(e o,tp,t VAT. a. P % +. P 1%> 1/ *. P 1$% %%% !. P >// %%% 0. P()-A)r )s a !oest)* a)r *arr)er ')t( +ot( !oest)* an! )nternat)ona operat)ons. ,r)n" a ont(& )t (a! t(e #oo')n" "ross re*e)pts. Domestic operations Transport o# passen"ers
P /% %%% %%%
Transport o# *ar"oes 1$ %%% %%% International operations Transport o# passen"ers P % %%% %%% Transport o# *ar"oes 0 %%% %%% Cop,te t(e o,tp,t VAT. a. P 1 //% %%% +. P / 0%% %%% *. P 5 $/% %%% !. P 1% 0%% %%% 4. Ce+, 7err)es (as a eet o# s()p traers)n" t(e )san! o# Bo(o an! Ce+,. It reporte! t(e #oo')n" tota re*e)pts !,r)n" a ont(: Transport o# passen"ers P 0 %%% %%% Transport o# *ar"oes an! +a""a"e 1 %%% %%% TOTAL P 4 %%% %%% Cop,te t(e o,tp,t VAT. a. P % +. P 1$% %%% *. P 45% %%% !. P 1 %0% %%% 1%.V)*tor L)nes )s a VAT-re")stere! operator o# +,ses. ,r)n" t(e ont(& )t (a! t(e #oo')n" tota re*e)pts: Transport o# passen"ers P1/ %%% %%% Transport o# *ar"oes an! +a""a"e 1 %%% %%% TOTAL P 18 %%% %%% Cop,te t(e o,tp,t VAT. a. P % +. P 1$% %%% *. P 1 50% %%% !. P 1 0%% %%% 11.Mr. As,n*)on )s a non-VAT re")stere! operator o# /% tax)s. ,r)n" a ont(& (e *oe*te! a tota re*e)pts o# P 1 %% %%% ,n!er t(e +o,n!aryD syste. Cop,te t(e o,tp,t VAT. a. P % +. P $>0 8>$ *. P 1$ %%% !. P $1 %%% 1$.A non-VAT re")stere! ra!)o +roa!*ast)n" *opany *oe*te! a tota o# P 0%% %%% !,r)n" a ont(. Cop,te t(e o,tp,t VAT. a. P % +. P /0 %%% *. P 08 >1/ !. P 45 %%% 1.A VAT re")stere! rea property !eaer so! t(e #oo')n" !,r)n" a G,arter: Ho,se an! Lot – $B-A Ho,se an! Lot – $B- Ho,se an! Lot – $C-E
P $ %%% %%% %%% %%% / %%% %%%
Res)!ent)a Lot – 1A 1 %%% %%% Res)!ent)a Lot – $B $ %%% %%% TOTAL SALES P 1$ %%% %%% Cop,te t(e tota o,tp,t VAT. a. P % +. P >$% %%% *. P 1 %0% %%% !. P 1 $% %%% 1/.A VAT-re")stere! !eaer so! t'o res)!ent)a ,n)ts to t(e sae +,yer ')t( t(e #oo')n" separate pr)*es: Ho,se an! Lot – 1C-A P 1 8%% %%% Ho,se an! Lot – 1C-B $ %%% %%% 2(at )s t(e o,tp,t VAT3 a. P % +. P 10% %%% *. P $/% %%% !. P /$% %%% 18.A VAT-re")stere! reaty !eaer so! t(e #oo')n" a!Na*ent res)!ent)a ots to t(e sae +,yer. T(e separate !ee! o# sae (a! t(e #oo')n" respe*t)e pr)*es: Res)!ent)a Lot – $A P 0%% %%% Res)!ent)a Lot – $B 4%% %%% 2(at )s t(e o,tp,t VAT3 a. P % +. P 45 %%% *. P 1%0 %%% !. P $%/ %%% 15.An )ns,ran*e *opany (a! t(e #oo')n" "ross re*e)pts !,r)n" a ont(: Cas( *oe*t)ons #ro )#e pre),s @otes re*e)a+e #or )#e pre),s Cas( *oe*t)ons #or non-)#e pre),s @ote re*e)a+e #or non-)#e pre),s 2(at )s t(e o,tp,t VAT3 a. P % +. P 5% %%% *. P 10% %%% !. P 1$ %%%
A@S2ER E T or 7 ;1< 1. T $. 7 . 7
P 1 0%% %%% $%% %%% 1 1%% %%% %% %%%
/. 7 8. T 5. 7 >. T 0. 7 4. 7 1%.T 11.7 1$.T 1.7 1/.T 18.7 15.7 1>.7 10.7 14.T $%.7 T or 7 $ 1. T $. T . T /. T 8. T 5. 7 >. 7 0. 7 4. 7 1%.7 11.T 1$.T 1.T 1/.T 18.T 15.T 1>.7 10.7 14.T $%.7 M,t)pe *(o)*e – T(eory: Part 1 1. B $. A . C /. 8. C 5. A >. C 0. B 4. B
1%.C 11. 1$.C 1. 1/.B 18.C M,t)pe *(o)*e – T(eory: Part $ 1. $. B . C /. C 8. C 5. C >. C 0. 4. 1%.C 11.A 1$.A 1.A 1/.A 18.A M,t)pe *(o)*e – Pro+es: Part 1 1. A $. A . /. 8. 5. C >. A 0. B 4. B 1%.B M,t)pe *(o)*e – Pro+es: Part $ 1. B $. C . B /. B 8. B 5. B >. 0. C 4. 1%. M,t)pe *(o)*e – Pro+es: Part 1. A
$. A . C /. 8. 5. >. 0. B 4. B 1%.B M,t)pe *(o)*e – Pro+es: Part / 1. $. . C /. C 8. 5. C >. A 0. C 4. 1%.B 11.A 1$.A 1.B 1/. 18.A 15.
