In September 2021, Geralds Autoparts sold P1,000,000 (VAT exclusive) worth of goods to the government. During the month, the government paid the goods of which it withheld 5% VAT. The goods sold to the government had a cost of P500,000 (VAT exclusive). How much is the VAT payable on the government sale? P0 P10,000 P50,000 P70,000

In September 2021, Geralds Autoparts sold P1,000,000 (VAT exclusive) worth of goods to the government. During the month, the government paid the goods of which it withheld 5% VAT. The goods sold to the government had a cost of P500,000 (VAT exclusive). How much is the VAT payable on the government sale? P0 P10,000 P50,000 P70,000

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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