How much is iTaft's Output VAT 2. Assuming iTaft sold the parcel of land where the apartment sits for a consideration of P1,900,000, how much is output VAT from the transaction?
How much is iTaft's Output VAT 2. Assuming iTaft sold the parcel of land where the apartment sits for a consideration of P1,900,000, how much is output VAT from the transaction?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Tat leases out apartment units along Taft Avenue in Manila. The following are the rental rates for iTaft's rooms:
Die quire
Area Capacity Monthly rental
25 sq. m. 1 P12,000
35 Sq. m. 2-3 14,000
45 sq. m. 3-4 16,000
lTaft leases out 35 units of its 25 square meter rooms, 30 units of its 35 square meter rooms, and 10 units of its 25 square meter rooms.
The apartment building sits on a lot that has a zonal value of P2,000,00, and assessed value of P2,200,000.
1. How much is iTaft's Output VAT
2. Assuming iTaft sold the parcel of land where the apartment sits for a consideration of P1,900,000, how much is output VAT from the transaction?
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