Mr. C sold goods worth P201,600 (inclusive of vat) to Mr. D on account. Mr. D purchased goods from Mr. E worth P200,000 (exclusive of vat) on account. Mr. D sold all of the goods purchased to Mr. X at 40% above cost plus vat. All of them are VAT registered taxpayers. How much is the sales to be recorded by Mr. D?

Mr. C sold goods worth P201,600 (inclusive of vat) to Mr. D on account. Mr. D purchased goods from Mr. E worth P200,000 (exclusive of vat) on account. Mr. D sold all of the goods purchased to Mr. X at 40% above cost plus vat. All of them are VAT registered taxpayers. How much is the sales to be recorded by Mr. D?

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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