How much is the input tax in November from purchases in a month of fixed assets?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:How much is the input tax in November from purchases in a month of foed
assets?
Sitation 1. Purchased in May of P500,000;
Stuation 2. Purchased in June of P1,500,000, life of the asset is 3 years;
Stvation 3 Purchased in September of,
Asset No. 1-P400,000 with useful life of 2 years
Asset No. 2- 500,000 with useful life of 4 years
Total
P900.000
Situstion 4. Purchased in November of:
Asset No. 1- P900,000 with useful life of 4 years
Asset No. 2
Total
500,000 with useful life of 6 years
P1.400.000
Sales, VAT business
Sałes, non-VAT business
Purchases of goods to be sold, VAT business
Purchases of goods to be sod, non-VAT business
Purchases of supplies for VAT and non-VAT business
P1,200,000
600,000
400,000
200,000
60,000
(a) Input tax on goods purchased to be sold, VAT business?
(b) Input tax on supplies purchased to be sold?
(c) How much is the value-added tax payable?
(d) Give the joumal entry on the recognition of value-added tax payable,
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Step 1: Introduction to Input VAT
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VIEWStep 3: Computation of Input tax for November in Situation 2
VIEWStep 4: Computation of Input tax for November in Situation 3
VIEWStep 5: Computation of Input tax for November in Situation 4
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