Ligo Co. a sardines canning company had the following purchases as inputs for its manufacturing operations during the month:Tin cans, inclusive of VATP 80,000Tomatoes150,000Sardines200,000Labels, inclusive of VAT20,000TotalP 450,000What is the presumptive input VAT allowable to Ligo? What is the creditable input VAT of Ligo for the month?

Name: Ligo Co. a sardines canning company had the following purchases as inp
Uploaded: 2024-03-20T06:32:37.000Z
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Description: Ligo Co. a sardines canning company had the following purchases as inputs for its manufacturing operations during the month:Tin cans, inclusive of VATP 80,000Tomatoes150,000Sardines200,000Labels, inclusive of VAT20,000TotalP 450,000What is the presu

VAT-Value Added Tax, also known as goods and service tax, which is being charged upon price of goods…

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FINANCIAL ACCOUNTING

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ISBN:9781259964947

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Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Ligo Co. a sardines canning company had the following purchases as inputs for its manufacturing operations during the month:

Tin cans, inclusive of VAT	P 80,000
Tomatoes	150,000
Sardines	200,000
Labels, inclusive of VAT	20,000
Total	P 450,000

What is the presumptive input VAT allowable to Ligo?
What is the creditable input VAT of Ligo for the month?

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