PROBLEM NO. 4 Juan Dela Cruz, non-VAT registered lessor of residential and commercial units, had the following date for the 1st and 24 quarters of 2020: Lease of Residential Units Monthly rental of P13,000/unit Monthly rental of P18 000/unit Lease of commercial units Input vat from vat suppliers Gross Receipts 1st Quarter P2,500,000 1,000,000 2,300,000 150,000 2nd Quarter P2,300.000 1,200,000 2.400.000 120,000

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Leasing

Leasing is a contractual arrangement in which someone (a lessee) pays the owner (or lessor) of a building, land, vehicle, or other asset for the use of that asset. The lease is the agreement between lessee and lessor.