Mr. A sold goods worth P56,000 (inclusive of vat) to Mr. B on account. Mr. B sold the same goods to Mr. C at a total invoice price of P67,200. All of them are VAT registered taxpayers. How much is the amount of sales to be recorded on the accounting books of Mr. C? If the this is the only transaction of Mr. C for the period, how much is Mr. C’s vat payable?

Mr. A sold goods worth P56,000 (inclusive of vat) to Mr. B on account. Mr. B sold the same goods to Mr. C at a total invoice price of P67,200. All of them are VAT registered taxpayers. How much is the amount of sales to be recorded on the accounting books of Mr. C? If the this is the only transaction of Mr. C for the period, how much is Mr. C’s vat payable?

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter16: Accounting Periods And Methods

Section: Chapter Questions

Problem 7DQ

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