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Assume the following transactions with the corresponding invoice cost, inclusive of Value Added Tax, if applicable: Apol, non-vat taxpayer, sells to LJ, vat taxpayer        P89,600 LJ, vat taxpayer, sells to Chris, vat taxpayer            P134,400 Chris, vat taxpayer, sells to Abi                P201,600 Abi, nonvat taxpayer, exported the goods in Canada        P300,000 Required: Determine the following: A    Vat payable of Apol B    Vat payable of LJ C    Vat payable of Chris D    Vat payable of Abi

Assume the following transactions with the corresponding invoice cost, inclusive of Value Added Tax, if applicable: Apol, non-vat taxpayer, sells to LJ, vat taxpayer        P89,600 LJ, vat taxpayer, sells to Chris, vat taxpayer            P134,400 Chris, vat taxpayer, sells to Abi                P201,600 Abi, nonvat taxpayer, exported the goods in Canada        P300,000 Required: Determine the following: A    Vat payable of Apol B    Vat payable of LJ C    Vat payable of Chris D    Vat payable of Abi

FINANCIAL ACCOUNTING
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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Assume the following transactions with the corresponding invoice cost, inclusive of Value Added Tax, if applicable:

Apol, non-vat taxpayer, sells to LJ, vat taxpayer        P89,600
LJ, vat taxpayer, sells to Chris, vat taxpayer            P134,400
Chris, vat taxpayer, sells to Abi                P201,600
Abi, nonvat taxpayer, exported the goods in Canada        P300,000

Required: Determine the following:
A    Vat payable of Apol
B    Vat payable of LJ
C    Vat payable of Chris
D    Vat payable of Abi

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