Exercises related to VAT

Exercise 1
Sales of the period 1,247,852
Purchases of the period $ 865,478
Calculate the VAT to be paid
Development:
Sales for the period $ 1,247,852 19.00% $ 237,092
Purchases of the period $ 865,478 19.00% -$ 164,441
VAT to pay $ 72,651

Exercise 2
On the 12th day of month 'Z', $125,785 was canceled for VAT.
If the purchases of the period were $ 2,785,974 Calculate the sales subject to VAT
Development:
Sales of the period $ 3,448,000 19.00% $ 655,120
Purchases of the period $ 2,785,974 19.00% $ 529,335
VAT paid $ 125,785

Exercise 3
Amount paid by a customer in a purchase $ 7,475,012
The company adds a 90% margin on the cost.
Calculate the cost of sales.
Development:
Cost $3,306,065 $ 3,934,217
Margin $ 2,975,458
Sale $ 6,281,523
VAT $1,193,489
Client $ 7,475,012

Exercise 4
VAT Fiscal Debit for the period $ 745,801
The company sells with a 120% markup on the cost.
Calculate the cost of sales
Development:
Cost $ 1,784,213
Margin $ 2,141,056
Sale $ 3,925,268
VAT Fiscal Debit $ 745,801
Customer $ 4,671,069

Exercise 5 Development:
Total declared UTMs 32.5714 VAT Fiscal Debit $ 1,850,553
UTM Value $ 38,557 VAT Tax Credit $ 3,106,408
Total VAT Credit for the month $ 3,106,408 Remaining tax credit $ 1,255,855
Margin: 105% of the cost
It is requested:

Total net purchases of the month $ 16,349,516

Total net sales of the month $ 9,739,750
Cost of sales $ 4,751,098
Sales margin $ 4,988,653
Total owed by customers $ 11,590,303
Total owed to suppliers $ 19,455,924
Exercise 1
VAT canceled to the treasury $ 148,702
VAT Tax Credit $ 496,310
Calculate the purchases $ 2,612,158 (496,310/0,19)
Calculate the sales $ 3,394,800 (148,702+496

Exercise 2
Amount canceled by the customer $ 806,594
120% surcharge on cost
Calculate:
Cost value
Margin value
Value of VAT Fiscal Debit
Development:
Cost $ 308,095
Margin $369,715
Sale $677,810
Tax Credit VAT $ 128,784
Customer $ 806,594

Exercise 3
Initial balance adjusted to the suppliers $500,000
Final balance owed to suppliers $ 750,000
Total canceled to suppliers in the period $ 1,200,000
VAT paid to the treasury $ 152,500
Sales are made with an 85% margin.
calculated on the cost value
Calculate:
VAT debit tax
VAT credit
Development:
( + ) Initial balance owed $ 500,000 $ 384,013
( + ) Purchases made $ 1,450,000 $ 1,218,487 $ 231,513
( - ) Payments made -$ 1,200,000 $ 152,500
Final balance owed to suppliers $ 750,000

Exercise 4
Initial balance receivable from customers $ 385,000
Final balance owed by customers $ 130,000
Total canceled by customers in the period $ 987,000
VAT tax credit for the period $ 254,500
It is requested:

Calculate the VAT debit tax

Determine the VAT paid in the period or
determine the remaining tax credit, according to
correspond.
Calculate the cost of sales.
Determine the sales margin.

Exercise 5
Selling margin $ 723,600
 The sales margin corresponds to 43% of the
sales
It is requested:

Calculate the cost of sales.

Calculate the VAT debit tax.
Calculate the total purchased by the customers.

Exercise 6
Net sales $ 257,893
Venta incluye: 60% de margen calculado sobre el
cost
Calculate:
VAT Tax Debit
Amount that the customer must pay
Cost and sales margin
Development:
Cost $161,183
Margin $ 96,710
{"text":"Sale $"} 257,893
VAT $ 49,000
Cliente $ 306,893
6,310)/0,19)

Net sales Cost of sales

Debit VAT $ 2,021,119 $ 1,092,497
VAT Credit
VAT paid to the Treasury
Complete the purchases book and the sales book
Rate 19.00%

Example 1
Purchasing Book
Number Rut VAT
Date Supplier Net Total
Invoice Supplier Credit
10/11/2011 FA 1234 ABCD 123456-7 $ 6,316$ 1,200$ 7,516
15/11/2011 NC 0048 ABCD 123456-7-$ 655 -$ 125 dollars 780
20/11/2011 FA 4321 FGHI 765432-1 $ 7,000$ 1,330 $ 8,330
25/11/2011 FA 4567 JKLM 234567-8 $ 30,526 $ 5,800$ 36,326
31/11/2011 FA 8910 OPQR 345677-8 $24,160 4,590$ 28,750
Totals $ 67,346 $ 12,796 $ 80,142

Sales Book
Number Rut VAT
Date Client Net Total
Invoice Client Debit
10/11/2011 FA 101 ZZZ 444444-5 $ 30,820 $ 5,856 $ 36,676
15/11/2011 NC 004 ZZZ 555555-5-$ 9,211-$ 1,750-$ 10,961
20/11/2011 FA 102 AZA 666666-7 $ 50,236 $ 9,545$ 59,781
25/11/2011 FA 103 BZB 777777-8 $ 51,816 $ 9,845$ 61,661
31/11/2011 FA 104 CZC 888888-9 $ 63,279 $ 12,023 $ 75,302
Totals $ 186,940 $ 35,519 $ 222,459

Total IVA a pagar $ 22,723

Complete the purchase book and the sales book

Rate 19.00%

Example 2
Libro de Compras
Number Rut VAT
Date Supplier Net Total
Invoice Supplier Credit
02/12/2010 7479 A & B Ltda. 78,999,999-0 $ 10,000$ 1,900 $ 11,900
03/12/2010 2425 Z & Z Ltda 78,888,888-1$ 18,000 $ 3,420$ 21,420
04/12/2010 NC 201 A & B Ltda. 78,999,999-0-$ 8,000-$ 1,520-$ 9,520
05/12/2010 1001 B & B Ltda. 78,777,777-2 $ 6,000$ 1,140 $ 7,140
Totals $ 26,000 $ 4,940 $ 30,940

Sales Book
Number Rut VAT
Date Client Net Total
Invoice Client Debit
04/12/2010 3001 Alfa Ltd. 74,555,555-5$ 9,200 $ 1,748$ 10,948
05/12/2010 3002 Beta Ltd. 74,666,666-6$ 10,500 $ 1,995$ 12,495
06/12/2010 3003 Gama Ltda. 74,777,777-7 $ 2,500$ 475 $ 2,975
07/12/2010 3004 Delta Ltd. 74,888,888-8$ 7,000 $ 1,330$ 8,330
Totals $ 29,200 $ 5,548 $ 34,748

Total IVA a pagar $ 608

Exercise 1
Initial existence $ 25,380
Remaining of the tax credit $ 5,785
Net purchases $ 587,640
Sales are made with a margin of 110% calculated on the cost.
Calculate:
VAT Tax Debit
VAT Tax Credit
Cost of sales
Value of final inventory
Development:
$ 105,867 VAT Tax Debit
Net purchases $ 587,640 $ 111,652 IVA Crédito Fiscal
Remaining tax credit $ 5,785

( + ) Initial inventory $ 25,380

( + ) Purchases $ 587,640
Cost of sales -$ 265,330
Final inventory $ 347,690

Exercise 2
Initial inventory $ 11,548
Final inventory $ 25,745
Withdrawals of goods from the owner $ 8,754
Donations $ 5,478
Free samples $ 3,965
Selling margin: 80% of the cost $ 375,742
Calculate:
VAT Fiscal Debit $ 164,087
VAT Tax Credit $ 95,394
Development: Sale
Cost of sales $ 469,678 $ 375,742 $ 845,420
( + ) Final inventory $ 25,745
( + ) Withdrawals of goods from the owner $ 8,754
( + ) Donations $ 5,478
( + ) Free samples $ 3,965 $ 18,197
$ 513,620 $ 3,457 Total VAT Debit
Initial inventory -$ 11,548
Net purchases for the period $ 502,072 Total VAT Credit
VAT to pay

Exercise 3
Initial balance owed by customers $ 245,786
Final balance owed by the customers $ 365,785
Cancellations made by customers $ 1,254,785
VAT paid to the treasury $ 125,458
Calculate:
VAT Tax Debit $ 219,503
VAT Tax Credit $ 94,045
Development:
( + ) Initial balance owed by clients $ 245,786
Purchases made by customers $ 1,374,784 $ 1,155,281 Ventas netas
Payments made by customers -$ 1,254,785 $ 494,975 Compras netas
Final balance owed by clients $ 365,785 Paid VAT
 $ 557,193 Ventas netas
$ 265,330 Cost of sales

Debit VAT Client

$ 160,630 $ 1,006,049

$ 1,663
$ 1,041
$ 753
$ 164,087

-$ 95,394
$ 68,694

$ 219,503 Value Added Tax Debit e

$ 94,045 VAT Tax Credit
$ 125,458
Exercise 1
VAT Tax Credit $ 3,850
VAT paid to the Treasury $ 10,122
Sales margin 45% calculated on the cost
Calculate:
Total owed by customers
Total owed to suppliers
Indicate by how much the inventories decreased
If the value of the initial inventory was $48,115, what is the value of the final inventory?

Development:
VAT Tax Debit $ 13,972 $ 73,537= ventas netas
VAT Tax Credit $ 3,850$ 20,263 = net purchases
VAT paid to the Treasury $ 10,122

Inventory decrease $ 50,715

Initial inventory $ 48,115
Purchases $ 20,263
(-) Cost of sales -$ 50,715
Final inventory $ 17,663

Exercise 2
Total paid by customers $ 485,785
Margin calculated on cost 95.0%
Initial inventory $ 53,500
Final inventory $ 120,000
Calculate:
Purchases of the period
VAT Tax Credit for purchases

Development:
Cost $ 209,345
( + ) margin $ 198,878
Sale $ 408,223
VAT $ 77,562
Charge the clients $ 485,785

Initial inventory $ 53,500

( + ) Purchases $275,845 52,411 (=) VAT Tax Credit
Cost of sales -$ 209,345
Final inventory $ 120,000
$ 87,509 Total owed by customers
$ 24,113 Total owed to suppliers
Exercise 1
Sales margin $895,000 equals 60% of the cost of sales
It is requested:

Type of VAT involved in the operation

Calculate the amount to be charged to the customer
Development:
Cost of goods sold $ 1,491,667
Sales margin $ 895,000
Sale $ 2,386,667
19% VAT Debit $ 453,467
Amount to be charged to the customer $ 2,840,133

Exercise 2
VAT canceled to the Treasury $395,760
Remaining from the previous month $ 285,450
It is requested:

Net purchases of the month $ -

Net sales of the month $ 3,585,316
Development:
( + ) VAT Tax Payable $ 681,210 $ 3,585,316
( - ) VAT Tax Credit $ - $ -
Remaining Tax Credit -$ 285,450
VAT paid to the Treasury $ 395,760

Exercise 3
VAT Tax Debit $ 988,706
Margin over cost 125%
Initial inventory $ 288,750
Final inventory $ 695,805
It is requested:

Calculate cost of sales

Amount to be canceled by the clients
Amount owed to suppliers
Development:
( + ) Cost $ 2,312,763
( + ) Margin $ 2,890,953
Sale $ 5,203,716
( + ) VAT $ 988,706
( = ) Client $ 6,192,422

Initial Inventory $ 288,750

( + ) Purchases $2,719,818 $3,236,583 = Due to suppliers
Final Existence -$ 695,805
Cost of sales $ 2,312,763

Net sales $ 5,203,716 $ 988,706

Net purchases $ 2,719,818 -$ 516,765
Remaining from the previous month -$ 50,800
VAT to be paid $421,141
Exercise 1 Exercise 2

Net sales $ 1,218,450 VAT Tax Credit

Sales magnet $ 704,325 Remaining Tax Credit
Final existence $ 553,875 Initial Inventory Goods
Donations of goods $ 147,952 Final Inventory of Merchandise
Initial existence $ 218,775 Initial balance clients
Initial suppliers balance $ 895,476 Final balance clients
Final balance suppliers $ 355,741 Sales margin over cost:
It is requested: It is requested:

Purchases of the period $ 997,177 Cost of goods sold

Determine the VAT to be paid $ 70,153 Determine VAT to be paid
Amount paid to the supplier $1,726,376 Amount cancelled by the clients

Development: Development:
( + ) Cost $ 514,125 ( + ) Initial Inventory
( + ) Margin $ 704,325 ( + ) Purchases
Sale $ 1,218,450 Donations
( + ) VAT $ 231,506 Final existence
( = ) Client $ 1,449,956 Cost of sales

( + ) Initial Inventory $ 218,775 ( + ) Cost

( + ) Purchases $ 997,177 ( + ) Margin
( - ) Donations -$ 147,952 Sale
Final existence -$ 553,875 ( + ) VAT
Cost of sales $ 514,125 ( = ) Client

Value canceled to the suppliers: Value paid by customers

( + ) Initial balance suppliers $ 895,476 Initial balance
( + ) Purchases $ 1,186,641 ( + ) Customer purchases
Final balance suppliers -$ 355,741 Final balance
Amount paid to suppliers $ 1,726,376 Amount paid by the customers

Calculation of VAT to be paid: Calculation of VAT to be paid:

VAT Debit Tax Sales $ 231,506 IVA Tax Debit Sales

VAT Tax Debit Donations $ 28,111 Remaining Tax Credit
VAT Tax Credit -$ 189,464 VAT Tax Credit
IVA a Pagar $ 70,153 VAT to be Paid
$ 988,706
$ 147,852
$ 412,741
$ 321,459
$ 500,471
$ 218,325
85%

$ 5,294,998
$ 724,634
$ 11,939,084

$ 412,741
$ 5,203,716
$ -
-$ 321,459
$ 5,294,998

$ 5,294,998
$4,500,748
$ 9,795,746
$ 1,861,192
$ 11,656,938

$ 500,471
$ 11,656,938
-$ 218,325
$ 11,939,084

$ 1,861,192
-$ 147,852
-$ 988,706
$ 724,634
Exercise 1
Initial Inventory $ 550,400
Withdrawals $ 35,700
Donations $ 25,400
Free samples $ 8,900
Final existence $ 375,800
Selling margin $ 985,700 = 120% of the cost of sales
Determine the VAT to be paid

Development:
( + ) Cost $ 821,417
( + ) Margin $ 985,700
Sale $ 1,807,117 $ 343,352 $ 2,150,469

Initial inventory $ 550,400

( + ) Purchases $ 716,817 $ 136,195 $ 853,012
Withdrawals -$ 35,700$ 6,783
( - ) Donations -$ 25,400$ 4,826
( - ) Free samples -$ 8,900$ 1,691
Final existence -$ 375,800
Cost of sales $ 821,417

Exercise 2
Initial balance owed to suppliers $ 1,245,000
Final balance owed to suppliers $ 852,450
Total paid to the suppliers $ 3,916,650
Initial inventory of merchandise $ 875,470
Punishments for merchandise $ 45,000
Initial balance owed by customers $1,740,120
Final balance owed by customers $ 850,450
Total paid by the customers $ 2,750,480
Sales margin = 95% calculated on the cost of sales

Development:
( + ) Initial balance suppliers $ 1,245,000
Gross purchases of the period $ 3,524,100 $ 2,961,429 $ 562,671
Final balance suppliers -$ 852,450
Paid to suppliers $ 3,916,650

Initial inventory of merchandise $ 875,470

( + ) Purchases of the period $2,961,429
Punishments -$ 45,000
( = ) C.T.D.V. $ 3,791,899
Final Existence $ 2,989,998
Cost of sales $ 801,900

( + ) Initial balance clients $ 1,740,120

Gross sales for the period $ 1,860,810 $ 1,563,706 $ 297,104
Final balance customers -$ 850,450
Total paid by customers $ 2,750,480

( + ) Cost of sales $ 801,900

( + ) Sales margin $ 761,805
( = ) Sale $ 1,563,706
Resumen y detalle del IVA:
VAT Tax Debit:
For the sales $ 343,352
For the withdrawals $ 6,783
For the donations $ 4,826
For the free samples $ 1,691
Total IVA Débito Fiscal $ 356,652
VAT Tax Credit $ 136,195
VAT to be paid $ 220,457

VAT Credit

VAT Debit Tax

Exercise 1
Remaining Tax Credit $ 122,417
VAT Tax Credit $ 145,854
Purchases made by customers $ 1,120,750
It is requested:
Determine the VAT to be paid to the Treasury
Development:
The VAT Debit Tax will be determined:
Customer purchases $ 1,120,750
We divide by 1.19 $ 941,807 = venta neta
We apply 19% to the net sale $ 178,943 = VAT Fiscal Debit
less: Remaining Tax Credit -$ 122,417
less: VAT Tax Credit -$ 145,854
Remaining Tax Credit -$ 89,328

Exercise 2
Initial merchandise inventory $ 345,874
Final inventory of goods $ 145,963
Cost of sales for the period $ 1,278,456
Donations and free samples $ 255,685
Fines and punishments $ 145,500
Initial balance owed to suppliers $ 2,074,321
Final balance owed to suppliers $ 1,456,147
Sales are made with a margin of 70% calculated on the cost value.
It is requested:

Determine the purchases for the period.

Determine the VAT to be paid (or remaining to be collected) to the Treasury.
Determinar el monto pagado a los proveedores en el período.
Development:
We will determine the purchases:
(+) Initial inventory $ 345,874
(+) Purchases $ 1,078,5452 points
Final inventory -$ 145,963
Cost of sales 1,278,456

We will calculate the VAT Debit Tax

Cost of goods sold $ 1,278,456
(+) Margin $ 894,919
Sale $ 2,173,375
(+) 19% VAT Tax Debited $ 412,941
Aware Value $ 2,586,316

Once the purchases are known, we will calculate the VAT Tax Credit:
Net purchases $ 1,078,545
19% VAT Credit $ 204,924
Gross purchases $ 1,283,469

We will determine the VAT to be paid or the remaining tax credit.

VAT Debit on sales $ 412,941
VAT Debit for donations and sample $ 48,580
(-) VAT Tax Credit -$ 204,924
VAT to be paid $ 256,598 4 points

We will determine the amount paid to the suppliers.

Initial balance owed to suppliers $ 2,074,321
(+) Gross purchases $1,283,469
(-) Final balance owed to suppliers -$ 1,456,147
(=) Cancellations to suppliers $1,901,643 2 points
Exercise 1
Remaining tax credit $ 122,417
Net purchases of the period $ 767,653
Purchases made by customers $ 1,680,224
It is requested:
Determine the VAT to be paid to the Treasury
Development:
We will determine the VAT input tax:
Net purchases of the period $ 767,653
19% VAT tax credit $ 145,854

Now we will determine the VAT Debit:

Gross sales (including VAT) $1,680,224
We divide by 1.19 $ 1,411,953 = Venta neta
We apply 19% VAT Debit $ 268,271
We subtract:
Remaining from the previous month -$ 122,417
VAT credit of the period -$ 145,854
VAT to be paid to the tax authorities -$ 0

Exercise 2
Initial inventory of merchandise $ 145,874
Final inventory of merchandise $ 445,963
Cost of sales for the period 1,278,456
Donations and free samples $ 255,685
Mermaids and punishments $ 145,500
Initial balance owed to suppliers $ 2,074,321
Final balance owed to suppliers $ 1,456,147
Sales with 60% markup on cost
It is requested:

Purchases of the period

VAT to be paid or the remaining credit
Amount paid to suppliers
Development:
We will determine the net purchases:
Initial inventory of goods $ 145,874
Purchases of the period $ 1,979,730 2 points
Total cost entered into the warehouse $ 2,125,604
(-) Donations and free samples -$ 255,685
Deductions and punishments -$ 145,500
Total cost available for sale $ 1,724,419
Final inventory $ 445,963
Cost of sales $ 1,278,456

We will determine the VAT to be paid or the surplus:

Cost of sales $ 1,278,456
(+) Margin (60% over cost) $ 767,074
Net sales $ 2,045,530
(+) 19% VAT Debit for sales $ 388,651
(+) 19% VAT on donations and others $ 48,580
- VAT Tax Credit -$ 376,149
(=) VAT to be paid $ 61,082 4 points

We will determine the amount paid to suppliers:

Initial balance owed to suppliers $2,074,321
(+) Gross purchases (including VAT) $2,355,879 ($1,979,730 + 19%)
(-) Final balance owed to suppliers -$ 1,456,147
Value canceled to suppliers $2,974,053 2 points
Exercise 1
Value purchased clients $996,612 includes 75% margin on cost
Final existence $ 285,478
Donations and free samples $ 245,178
Owner withdrawals $ 125,450
Murmurs and punishments $ 98,742
Initial inventory $ 233,413
It is requested:

Net purchases of the period

Determine the VAT to be paid or the remaining amount

Development
We will determine the cost of sales
(+) Cost of sales $478,565 = $837,489 : 1.19
(+) Margin $358,924 = 75% of $478,565
Sale $837,489 = $996,612 : 1.19
(+) VAT Tax Debit $ 159,123
Clients $ 996,612

We will determine the purchases for the period.

(+) Initial inventory $ 233,413
(+) Net purchases $ 1,000,000 3 points
Total cost entered into the warehouse $ 1,233,413
(-) Donations and free samples -$ 245,178
Withdrawals -$ 125,450
(-) Deductions and penalties -$ 98,742
Total cost available for sale $ 764,043
Final inventory -$ 285,478
Cost of goods sold $ 478,565

We will determine the VAT to be paid or the remainder.

VAT Tax Debit:
VAT Debit for sales $ 159,123
VAT Debit for donations and others $ 46,584
VAT debit for withdrawals $ 23,836
Total VAT Tax Debit $ 229,542
less: VAT Tax Credit -$ 190,000
VAT to be paid $ 39,542 7 points
Exercise 1
VAT on sales $ 252,785
Cancellation to suppliers $ 985,741
Initial balance suppliers $ 236,752
Final balance suppliers $ 108,475
It is requested:
Determine VAT to pay or the remaining amount
Development:
We will determine the net purchases:
Initial balance suppliers $ 236,752
Purchases from suppliers $ 857,464/1,19 $720,558
Cancellation to suppliers -$ 985,741
Final balance suppliers $ 108,475

VAT Tax Debit $ 252,785

VAT Tax Credit -$ 136,906
VAT to pay $ 115,879

Exercise 2
Initial balance clients $ 1,521,854
Final balance clients $ 1,100,450
Client cancellations $ 9,785,960
90% margin on cost
Inventory movement:
Initial inventory $ 100,500
Final inventory $ 300,780
Withdrawals $ 450,853
Donations $ 280,350
Free samples $ 560,742
Supplier transactions:
Saldo inicial proveedores $ 2,698,412
Final balance suppliers $ 1,800,985
It is requested:

VAT Tax Debit

VAT Tax Credit
VAT to be paid or the remainder
Analysis of the cost of sales
Amount paid to suppliers
Development:
We will determine the sales to customers:
Initial balance customers $ 1,521,854
Gross sales $ 9,364,556
Customer cancellations -$ 9,785,960
Final balance clients $ 1,100,450
Now we will calculate the net sales and the cost of sales
Net sales $ 7,869,375 = 9,364,556 / 1.19
Cost of sales $ 4,141,776 = 7,869,375 / 1.9
We will analyze the cost of sales and determine the net purchases.
Initial inventory $ 100,500
Net purchases $5,634,001
Total cost entered to the warehouse $ 5,734,501
Withdrawals -$ 450,853
Donations -$ 280,350
Free samples -$ 560,742
Total cost available for sale $ 4,442,556
Less: Final inventory -$ 300,780
Cost of sales $4,141,776 4 points
We will determine the VAT to be paid or the remaining amount.

VAT Fiscal Debit:

For sales $ 1,495,181 = 7,869,375 * 19%
For withdrawals $ 85,662
For donations $ 53,267
For free samples $ 106,541
Total VAT Tax Due $ 1,740,651 2 puntos
less: VAT Tax Credit $1,070,460 = 5,634,001 * 19% 2 points
VAT to pay $ 670,191 1 point
We will calculate the amount paid to suppliers
Initial balance suppliers $ 2,698,412
(+) Gross purchases $ 6,704,461 = 5,634,001 + 19%
(-) Final balance owed to suppliers -$ 1,800,985
Cancellation to suppliers $7,601,888 1 point