APL Corporation sold a parcel of land to DDP Company on Oct. 1, 2015 for P1,000,000, plus the output VAT, with a downpayment of P100.000 VAT not included, and 26 equal munthly installment payments of P25,000 plus the output VAT. First installment is due on month-end. The zonal value of the subject property at the time of sale amounted to P1,500.000. How much is the output tax on the Oct. 1, 2015 payment?

APL Corporation sold a parcel of land to DDP Company on Oct. 1, 2015 for P1,000,000, plus the output VAT, with a downpayment of P100.000 VAT not included, and 26 equal munthly installment payments of P25,000 plus the output VAT. First installment is due on month-end. The zonal value of the subject property at the time of sale amounted to P1,500.000. How much is the output tax on the Oct. 1, 2015 payment?

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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