May Yaman is engaged in a VAT-business and a non-VAT business. Her records show the following data, no tax included, for the taxable year: Sales From VAT business P6,000,000 From non-VAT business4,000,000Purchases For VAT business from VAT suppliers3,000,000 For non-VAT business2,000,000Purchases from VAT suppliers of supplies used for VAT and non-VAT business30,000Expenses incurred for both VAT and non-VAT business (70% of these expenses were paid to VAT-registered enterprises)100,000The VAT payable is:Group of answer choices

Value Added Tax Value added Tax is the tax system which was imposed by the government authority to…

Answered: May Yaman is engaged in a VAT-business…

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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May Yaman is engaged in a VAT-business and a non-VAT business. Her records show the following data, no tax included, for the taxable year:

Sales
From VAT business	P6,000,000
From non-VAT business	4,000,000
Purchases
For VAT business from VAT suppliers	3,000,000
For non-VAT business	2,000,000
Purchases from VAT suppliers of supplies used for VAT and non-VAT business	30,000
Expenses incurred for both VAT and non-VAT business (70% of these expenses were paid to VAT-registered enterprises)	100,000

The VAT payable is:

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