9. Z CO., is a manufacturer of corn and vegetable cooking oils. It had the following data in a mont VAT not included: tione Sales P 900,000 Purchases from farmers: Of corns Of vegetables Purchases from VAT suppliers: Of paper labels Others 200,000 220,000 5,000 500 Purchases of plastic containers from VAT suppliers Purchases of machine parts from non-VAT supplier How much was the value-added tax payable for the month? 40,000 80,000 brod bar
9. Z CO., is a manufacturer of corn and vegetable cooking oils. It had the following data in a mont VAT not included: tione Sales P 900,000 Purchases from farmers: Of corns Of vegetables Purchases from VAT suppliers: Of paper labels Others 200,000 220,000 5,000 500 Purchases of plastic containers from VAT suppliers Purchases of machine parts from non-VAT supplier How much was the value-added tax payable for the month? 40,000 80,000 brod bar
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question

Transcribed Image Text:9. Z CO., is a manufacturer of corn and vegetable cooking oils. It had the following data in a month
VAT not included:
Sales
P 900,000
Purchases from farmers:
Of corns
Of vegetables
Purchases from VAT suppliers:
Of paper labels
Others
200,000
220,000
5,000
500
Purchases of plastic containers from VAT suppliers
Purchases of machine parts from non-VAT supplier
How much was the value-added tax payable for the month?
40,000
80,000
brod ban
10. Give the journal entries:
a. On a purchase for cash, VAT not included, of P60,000.
b. On a sale for cash, VAT not included of P80,000.
c. On the recognition of the value-added tax payable of P20,000.
Expert Solution

This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps

Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you


Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,

Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,


Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,

Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON

Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education

Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education