Activity i1-5. VAT Compute for tne VAT and write the appropriate accounting entry: 11,200 1. Invoice Price, gross of VAT Entry: (If Sale) P 2. Invoice Price, net of VAT Entry: (If Purchase) P 11,200 P 25,000 3. Gross Selling Price, including VAT Entry: (If Sale) 4. Gross Purchase Price, excluding VAT P Entry: (If Purchase) 20,000 5. Compute the VAT Payable:
Activity i1-5. VAT Compute for tne VAT and write the appropriate accounting entry: 11,200 1. Invoice Price, gross of VAT Entry: (If Sale) P 2. Invoice Price, net of VAT Entry: (If Purchase) P 11,200 P 25,000 3. Gross Selling Price, including VAT Entry: (If Sale) 4. Gross Purchase Price, excluding VAT P Entry: (If Purchase) 20,000 5. Compute the VAT Payable:
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![Activity 11-5. VAT (
Compute for tne VAT and write the appropriate accounting entry:
1. Invoice Price, gross of VAT
Entry: (If Sale)
P 11,200
2. Invoice Price, net of VAT
Entry: (If Purchase)
P
11,200
P 25,000
3. Gross Selling Price, including VAT
Entry: (If Sale)
4. Gross Purchase Price, excluding VAT P
Entry: (If Purchase)
20,000
5. Compute the VAT Payable:](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fdd55c171-07f8-429d-8efe-61260af568d0%2Fbd1160d5-8722-4ae1-a8be-2b7d18871aae%2Fyqeh81d_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Activity 11-5. VAT (
Compute for tne VAT and write the appropriate accounting entry:
1. Invoice Price, gross of VAT
Entry: (If Sale)
P 11,200
2. Invoice Price, net of VAT
Entry: (If Purchase)
P
11,200
P 25,000
3. Gross Selling Price, including VAT
Entry: (If Sale)
4. Gross Purchase Price, excluding VAT P
Entry: (If Purchase)
20,000
5. Compute the VAT Payable:
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