P0P360,000P300,000P108,000 Ivan, vat registered real estate dealer sold a residential lot onOctober 2018.The following information was made available on the terms of thesale:Gross selling price - P3,000,000Initial payments consisting of down payment and installments in theyear of sale - 900,000Balance to be paid in equal installments of P700,000 - 2,100,000starting January 2019The zonal value of the residential lot was P2,800,000How much was the output tax due on October 2018?

Answer: Output tax is tax calculated on outward supplies by registered person.

Answered: Ivan, vat registered real estate dealer…

Ivan, vat registered real estate dealer sold a residential lot on October 2018. The following information was made available on the terms of the sale:

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

P0 P360,000 P300,000 P108,000

Ivan, vat registered real estate dealer sold a residential lot on
October 2018.
The following information was made available on the terms of the
sale:
Gross selling price - P3,000,000
Initial payments consisting of down payment and installments in the
year of sale - 900,000
Balance to be paid in equal installments of P700,000 - 2,100,000
starting January 2019
The zonal value of the residential lot was P2,800,000
How much was the output tax due on October 2018?

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