Answered: In 2020, Clifford purchase a…

In 2020, Clifford purchase a condominium unit from his friend, Ronald (condo unit owner). for P3,000,000 and a parking lot from the subdivision developer for P800,000. The correct amount of vat is:

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

In 2020, Clifford purchase a condominium unit from his friend, Ronald (condo unit owner).
for P3,000,000 and a parking lot from the subdivision developer for P800,000. The correct amount of vat
is:
a. P456,000 c. P96,000
b. P360,000 d. P0

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