ABC CO. is a VAT registered person who is engoged in selling cooling oil. The following pertains to her transactions (VAT exclusive) for the quarter ending September 30, 2021.How much is the allowed input VAT for the month of July, August and September? JulyAugustSeptemberTotalSales:Regular SalesExport SalesSales to Senior Citizens2,500,000.002,120,000.003,000,000.007,620,000.00200,000.00500,000.00500,000.00480,000.00100,000.003,200,000.001,200,000.00780,000.00100,000.009,700,000.00300,000.00Private Consumption3,000,000.003,500,000.00Purchases:Machine, useful life 61,200,000.00450,000.00years500,000.001,700,000.00Fresh Coconut480,000.00525,000.001,455,000.00Plastic bottles600,000.002,250,000.00640,000.001,120,000.00700,000.001,940,000.001,725,000.005,095,000.00

Name: ABC CO. is a VAT registered person who is engoged in selling cooling o
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: ABC CO. is a VAT registered person who is engoged in selling cooling oil. The following pertains to her transactions (VAT exclusive) for the quarter ending September 30, 2021.How much is the allowed input VAT for the month of July, August and Septemb

Assumption:- VAT on purchase of Plastic Bottle -12%, amount provided is purchase is Exclusive of…

Answered: transactions (VAT exclusive) for the…

Business

Accounting

transactions (VAT exclusive) for the quarter ending September 30, 2021. How much is the allowed input VAT for the month of July, August and September?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Waterway Company publishes a monthly sports magazine, Fishing Preview. Subscriptions to the magazine cost $30 per year. During November 2020, Waterway sells 24,500 subscriptions beginning with the December issue. Waterway prepares financial statements quarterly and recognizes subscription revenue at the end of the quarter. The company uses the accounts Unearned Subscription Revenue and Subscription Revenue. 1. Prepare the entry in November for the receipt of the subscriptions. 2.Prepare the adjusting entry at December 31, 2020, to record sales revenue recognized in December 2020. 3.Prepare the adjusting entry at March 31, 2021, to record sales revenue recognized in the first quarter of 2021
Garcia Company rents out a portion of its building to Jerry Company for $500 per month. On August 1, Jerry paid Garcia $6,000 for 1 year of rent in advance.Prepare journal entries for Garcia to record collection of rent and the related year-end adjusting entry on December 31.
On October 1, Vista View Company rented warehouse space to a tenant for $2,100 per month and received $10,500 for five months' rent in advance on that date, with the lease beginning immediately. The cash receipt was credited to the Unearned Rent account. The company's annual accounting period ends on December 31. The Unearned Rent account balance at the end of December, after adjustment, should be: Multiple Choice $10,500. $6,300. $2,100. $8,400. $4,200. < Prev 20 of 30 Next MacBook Air
Your Personal Chef, Inc. prepares healthy gourmet dinners for clients on a subscription basis. Clients pay $75 per week for 3 delivered dinners. During 2019, Your Personal Chef, Inc. received advance payments of $18,000. At December 31, 2019, two-thirds of the advance payments had been earned. Make the entry for the advance payments received during the year. Make the necessary adjusting entry at December 31, 2019. What is the balance in the Unearned Revenue Account after the adjusting entry is made?
Prepare adjusting entries at December 31 for Maxum Company’s year-end financial statements for each of the following separate transactions. 1. Employees earn vacation pay at a rate of one day per month. Maxum estimated and must expense $13,000 of accrued vacation benefits for the year. 2. During December, Maxum Company sold 12,000 units of a product that carries a 60-day warranty. December sales for this product total $460,000. The company expects 10% of the units to need warranty repairs, and it estimates the average repair cost per unit will be $15.
Mathura publishes a monthly sports magazine, Hockey Hits. Subscriptions to the magazine cost $22 per year. During November 2021, Mathura sells 18,000 subscriptions beginning with the December issue. Mathura prepares financial statements quarterly and recognizes revenue for magazines sold at the end of the quarter. The company uses the accounts Unearned Revenue and Revenue. Prepare the entry in November for the receipt of the subscriptions. Prepare the adjusting entry at December 31, 2021, to record revenue to be recognized in December 2021. Prepare the adjusting entry at March 31, 2022, to record revenue to be recognized in the first quarter of 2022
On March 15, a customer pays $3,133 for ten 4-day passes to Disney World for avacation that will take place June 1–4. Did Disney earn the revenue on March 15?
Joanna has prepared her draft accounts for the year ended 30 April 2008, and needs to adjust them for the following items: 1 Rent of $10,500 was paid and recorded on 2 January 2007 for the period 1 January to 31 December 2007. The landlord has advised that the annual rent for 2008 will be $12,000 although it has not been invoiced or paid yet. 2 Property and contents insurance is paid annually on 1 March. Joanna paid and recorded $6,000 on 1 March 2008 for the year from 1 March 2008 to 28 February 2009. What should the net effect on profit be in the draft accounts for the year ended 30 April 2008 of adjusting for the above items?