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January 2021 VAT Computation for BSA-3-2021

The document provides financial information for BSA-3-2021 Co. for the month of January 2021, including sales to a government agency, cash sales, purchases, and VAT amounts. It then asks to compute: 1) the total output tax, 2) total input tax, 3) input tax attributable to government sales, 4) input tax closed to expense, and 5) output tax payable. Journal entries are provided to record the transactions.

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Aeron Rai Roque
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21 views5 pages

January 2021 VAT Computation for BSA-3-2021

The document provides financial information for BSA-3-2021 Co. for the month of January 2021, including sales to a government agency, cash sales, purchases, and VAT amounts. It then asks to compute: 1) the total output tax, 2) total input tax, 3) input tax attributable to government sales, 4) input tax closed to expense, and 5) output tax payable. Journal entries are provided to record the transactions.

Uploaded by

Aeron Rai Roque
Copyright
© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd

The following were obtained in the books of BSA-3-2021 Co.

Sales to a Government Agency for the Month of January 2021


Creditable Withholding tax (2% of sales)
Final Withholding VAT (5% of sales)
Cash Sales on Private Individuals for the Month of January 2021
Cost of Sales/Purchases (80% of sales)

Compute for the following: Assuming VAT registered business engaged in catering services and restaurant.

1. What is the Total Output Tax for the Month of January 2021?
2. What is the Total Input Tax for the Month of January 2021?
3. How much Input Tax attributable to Sales to Gov't shall be recognized?
4. How much Input Tax on Sales to Gov't shall be closed to expense?
5. How much is the Output Tax that isstill payable? (assuming no penalties, surcharges and compromise penalties)
₱ 487,000.50
₱ 9,740.01
₱ 24,350.03
₱ 30,000.00
₱ 389,600.40

₱ 62,040.06
₱ 46,752.05
₱ 34,090.03
₱ 12,662.02
₱ 3,600.00
BSA-3-2021
Journal Entries

# Particulars Debit Credit

1 Accounts Receivable 545,440.56


Output Vat 58,440.06
Sales 487,000.50
To record sales to Govt Agency for the month of January 2021

2 Cash 511,350.52
Prepaid Tax 9,740.01
Final Withholding VAT 24,350.03
Accounts Receivable 545,440.56
To record collection of sales to Govt ftm of January 2021

3 Cash 33,600.00
Output Tax 3,600.00
Sales 30,000.00
To record cash sales for the month of January 2021

4 Purchases 389,600.40
Input Vat 46,752.05
Cash 436,352.45
To record purchases for the month of January 2021

5 Input Vat Expense 12,662.02


Output Vat 58,440.06
Final Withholding VAT 24,350.03
Input Vat 46,752.05
To close Final VAT for the month of January 2021

6 Output Vat 3,600.00


Input Vat 3,600.00
To close output tax from input tax for the month of January 2021

Total 1,635,535.65 1,635,535.65

SAJE
Computations

Sales to the to Gov't Agency - Actual Output VAT 58,440.06


Sales to the Private Entity - Actual Output VAT 3,600.00
Output Tax for the Month of January 2021 62,040.06

Purchases 389,600.40
Actual Input VAT Rate 0.12
Total Input Tax 46,752.05

Sales to the Gov't Agency for the Month of January 2021 487,000.50
Standard Input VAT (7% Input VAT) 0.07
Input Tax Attributable to Sales to Gov't 34,090.04

Actual Input VAT 46,752.05


Standard Input VAT 34,090.04
Input Tax on Sales Closed to Expense 12,662.01

Output Tax 62,040.06


Standard Input VAT 34,090.03
Net VAT Payable 27,950.03
Final Withholding Tax 24,350.03
Output Tax Payable 3,600.00
= 487,000.50 x .12
= 30,000.00 x .12

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