Alex is in the course of trade selling real property. During the month of February, it had the following data (per sales document, inclusive of vat) Cash sales P560,000 Sales on deferred payment basis (initial payments exceeds 25% of selling price) 336,000 The real property sold for cash had a zonal value of P600,000 exclusive of vat and the property sold under deferred payment basis had a fair market value of P200,000, exclusive of vat. How much is the output vat on the sale of real property?

Alex is in the course of trade selling real property. During the month of February, it had the following data (per sales document, inclusive of vat) Cash sales P560,000 Sales on deferred payment basis (initial payments exceeds 25% of selling price) 336,000 The real property sold for cash had a zonal value of P600,000 exclusive of vat and the property sold under deferred payment basis had a fair market value of P200,000, exclusive of vat. How much is the output vat on the sale of real property?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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