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Viveh Co., VAT Registered, Has The Following Accounting Records and Transactions As of June 2017: January February Sales Per Books

Viveh Co. has accounting records and VAT transactions for January to June 2017. They need to file their VAT returns for the 1st and 2nd quarters using BIR Form 2550Q. For 1Q, exempt sales were P840,000, VATable sales were P1,720,000, output VAT was P158,400, input VAT was P159,480 resulting in a VAT due of negative P1,080.

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Justin Manaog
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68 views3 pages

Viveh Co., VAT Registered, Has The Following Accounting Records and Transactions As of June 2017: January February Sales Per Books

Viveh Co. has accounting records and VAT transactions for January to June 2017. They need to file their VAT returns for the 1st and 2nd quarters using BIR Form 2550Q. For 1Q, exempt sales were P840,000, VATable sales were P1,720,000, output VAT was P158,400, input VAT was P159,480 resulting in a VAT due of negative P1,080.

Uploaded by

Justin Manaog
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd

Viveh Co.

, VAT registered, has the following accounting records and transactions as of Jun
JANUARY FEBRUARY
Sales per books:
Regular sales 500,000.00 300,000.00
Export sales 400,000.00 -
Exempt sales 300,000.00 300,000.00
Purchases per books:
Purchases from VAT suppliers 550,000.00 425,000.00
Purchases from non-VAT suppliers 270,000.00 -

Date of filing: 20-Mar


BIR Form to be used: 2550M
JANUARY FEBRUARY
EXEMPT SALES 300,000.00 300,000.00
VATABLE SALES 900,000.00 300,000.00
OUTPUT VAT 60,000.00 36,000.00
less: INPUT VAT 66,000.00 51,000.00
VAT DUE (6,000.00) (15,000.00)
less: VAT PREVIOUSLY PAID - -
EXCESS INPUT TAX CREDITS - 6,000.00
VAT PAYABLE/CREDIT (6,000.00) (21,000.00)

Date of filing: (1)


BIR Form to be used: (2)
JANUARY FEBRUARY
EXEMPT SALES
VATABLE SALES
OUTPUT VAT
less: INPUT VAT
VAT DUE (7) (8)
less: VAT PREVIOUSLY PAID (13) (14)
EXCESS INPUT TAX CREDITS (19) (20)
VAT PAYABLE (25) (26)
ansactions as of June 2017:
MARCH APRIL MAY JUNE

520,000.00 450,000.00 375,000.00 400,000.00


- 290,000.00 - -
240,000.00 240,000.00 240,000.00 240,000.00

354,000.00 250,000.00 210,000.00 301,000.00


101,000.00 - - -

25-Apr
2550Q
MARCH 1Q APRIL MAY JUNE
240,000.00 840,000.00 240,000.00 240,000.00 240,000.00
520,000.00 1,720,000.00 740,000.00 375,000.00 400,000.00
62,400.00 158,400.00 54,000.00 45,000.00 48,000.00
42,480.00 159,480.00 30,000.00 25,200.00 36,120.00
19,920.00 (1,080.00) 24,000.00 19,800.00 11,880.00
- - - - -
21,000.00 - 1,080.00 - -
(1,080.00) (1,080.00) 22,920.00 19,800.00 11,880.00

(3)
(4)
MARCH 1Q APRIL MAY JUNE

(5) (6)

(9) (10) (11)


(15) (16) (17)
(21) (22) (23)
(27) (28) (29)
2Q
720,000.00
1,515,000.00
147,000.00
91,320.00
55,680.00
42,720.00
1,080.00
11,880.00

2Q

(12)
(18)
(24)
(30)

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