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    Acctg 1 5th Unit

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    Brian Reyes Gangca
    This document discusses Philippine taxes and VAT transactions. It lists common Philippine taxes, the two types of merchandise transaction taxes, transactions subject to input and output tax, and the two major accounts used when closing entries. It also provides details of purchases, returns, sales, and VAT payments between Dram Trading and Getar Enterprises/Floot Merchandising in December and January, including amounts and payment terms. This information will be used to compute VAT for the transactions.

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    © All Rights Reserved
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    Acctg 1 5th Unit

    Uploaded by

    Brian Reyes Gangca
    86 views1 page
    This document discusses Philippine taxes and VAT transactions. It lists common Philippine taxes, the two types of merchandise transaction taxes, transactions subject to input and output tax, and the two major accounts used when closing entries. It also provides details of purchases, returns, sales, and VAT payments between Dram Trading and Getar Enterprises/Floot Merchandising in December and January, including amounts and payment terms. This information will be used to compute VAT for the transactions.

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    This document discusses Philippine taxes and VAT transactions. It lists common Philippine taxes, the two types of merchandise transaction taxes, transactions subject to input and output tax, and the two major accounts used when closing entries. It also provides details of purchases, returns, sales, and VAT payments between Dram Trading and Getar Enterprises/Floot Merchandising in December and January, including amounts and payment terms. This information will be used to compute VAT for the transactions.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    86 views1 page

    Acctg 1 5th Unit

    Uploaded by

    Brian Reyes Gangca
    This document discusses Philippine taxes and VAT transactions. It lists common Philippine taxes, the two types of merchandise transaction taxes, transactions subject to input and output tax, and the two major accounts used when closing entries. It also provides details of purchases, returns, sales, and VAT payments between Dram Trading and Getar Enterprises/Floot Merchandising in December and January, including amounts and payment terms. This information will be used to compute VAT for the transactions.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 1

    II.

    Enumeration

    1-13 Common Philippines Taxes


    14-15 2 Types of Merchandise Transaction Taxes
    16-20 Transactions Under Input Tax
    21-25 Transactions Under Output Tax
    26-27 Two major accounts during closing of entries
    28-30 Three Real Accounts

    III. Computation. The following are transaction related to the purchase of merchandise of
    Dram Trading from Getar Enterprises.

    Dec 11 Dram Trading purchased merchandise on account from Getar Enterprises in the
    amount of P336,000 inclusive of 12% VAT, Terms 1/15, n/30

    Dec 12 Dram Trading returned to Getar Enterprises defective merchandise worth P56,
    000 inclusive of 12% VAT

    Dec 14 Dram Trading sold merchandise to Floot Merchandising for P280,000 cash
    inclusive of 12% VAT

    Jan 8 Dram Trading paid VAT

    Prepared by: Checked by:

    BRIAN REYES GANGCA ENGR. EVA M. OLOFERNES


    Subject Teacher Basic Education Principal

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