Excerpt from vouchers with liquidation report VAT monthly payment (Jan-Feb returns) P 400,000 Required: How much Total Amount Payable/(Overpayment) will you input in line 29 of BIR Form 2550Q?
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At the end of the accounting period, a financial statement is prepared by every company, then at that time while preparing the financial statement, the company determines among its total receivable amount how much portion of receivables is collected by the company during that accounting period.
Accounts Receivable
The word “account receivable” means the payment is yet to be made for the work that is already done. Generally, each and every business sells its goods and services either in cash or in credit. So, when the goods are sold on credit account receivable arise which means the company is going to get the payment from its customer to whom the goods are sold on credit. Usually, the credit period may be for a very short period of time and in some rare cases it takes a year.
4
On March 25, 2021, you were engaged by XYZ Corporation to check its tax compliance and at the same time, were tasked to file its up coming 1st quarter VAT Quarterly Return (BIR Form 2550Q)
The following data were gathered from the Sales and Purchases Books of XYZ Corporation:
|
Excerpt from company’s sales invoices |
|
|
Sales (VAT Inclusive for sales with 12% VAT) |
Amount |
|
Regular Sales |
8,960,000 |
|
Sales to government |
6,720,000 |
|
Zero-rated sale |
4,000,000 |
|
VAT-exempt sale |
2,000,000 |
|
|
|
|
Excerpt from supplier’s invoices |
|
|
Purchases (VAT Inclusive) |
Amount |
|
Purchase of capital goods |
1,120,000 |
|
Domestic purchase of goods |
3,360,000 |
|
Domestic purchase of service |
2,240,000 |
|
Importation |
560,000 |
|
|
|
|
Excerpt from vouchers with liquidation report |
|
|
VAT monthly payment (Jan-Feb returns) |
P 400,000 |
Required:
How much Total Amount Payable/(Overpayment) will you input in line 29 of BIR Form 2550Q?
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