A. P108,000B. P90,000C. P54,000D. P36,000 C, vat-registered person, imported machines to be used in the Philippines as follows:Purchase PriceMachinesPurpose1P100,000Personal use2200,000Business use3300,000For saleThe importations were subjected to 50% excise tax based on purchase price. Machine 3 was sold forP1,000,000 (net of vat). How much is the vat paid on importation?

VAT is the amount of tax which is levied on the goods and it is a form of tax which falls within the…

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Business

Accounting

- How much is the vat paid on importation?

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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Question

100%

A. P108,000

B. P90,000

C. P54,000

D. P36,000

C, vat-registered person, imported machines to be used in the Philippines as follows:
Purchase Price
Machines
Purpose
1
P100,000
Personal use
2
200,000
Business use
3
300,000
For sale
The importations were subjected to 50% excise tax based on purchase price. Machine 3 was sold for
P1,000,000 (net of vat). How much is the vat paid on importation?

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