Tax 2 - Midterm Quiz 1.docx

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University of Perpetual Help System laguna – Isabela Campus Minante 1, Cauayan City, Isabela College of Business and Aountany Business !a"ation #  Semester, A$%$ #&1' ( #&1) nd *ame *ame++                     -ate -ate++         Course %e %ear . Setion+   Sore+    Midterm /ui0 1 (Erasure/Alteration means wrong) I. MULTIPLE CHOICE. Choose the best answer. Encircle the letter of your choice. Show you solutions for questions 11 to 20. 1. When to to file file VA VAT return? return? (1 oint! oint! A. #. C. &. "onth nthly $early %uar %uarte terrly Wee'l ee'ly y 2. Which of the the followin followin are are )ero*rat )ero*rate+ e+ transact transactions? ions? (1 (1 oint! oint! A. #. C. &. Sale of ser,ic ser,ices es to Asian &e,elo&e,elo-ent ent #an' #an' Sale of ser,ice ser,icess to /nternati /nternational onal ice esear esearch ch /nstitut /nstitutee Sale of of ol+ ol+ to #an'o Sentral Sentral n ili-inas ili-inas Sale Sale of ser, ser,ic ices es to +uly +uly rei reist ster ere+ e+ an+ accr accre+ e+it ite+ e+ enter enter-r -ris ises es with with hili hili---in inee Econoic one Authority. Authority. . What What in-ut in-ut ta3e ta3ess ay be be cre+it cre+ite+? e+? (1 (1 oint! oint! A. #. C. &. /n-ut ta3es ta3es fro non*VA non*VAT su--liers su--liers /n-ut ta3es fro -urchase -urchase of +irect +irect labor  labor  /n-ut ta3es ta3es fro fro i-ort i-ortation ation of oo+s oo+s for sale /n-ut ta3es ta3es fro i-orta i-ortation tion of -ersonal -ersonal an+ househol+ househol+ effects effects.. 4. &iety is non*stoc'5 non*stoc'5 non*-rofit non*-rofit orani)ati orani)ation on a+e an i-ortatio i-ortation n of aricult aricultural ural foo+ foo+ -ro+uct -ro+uct in its oriinal state fro a Chinese farer aountin to  252405000. /f you are the Custos Collector5 Collector5 how will you treat such i-ortation? A. Sub6ect to to 127 VA VAT. #. Sub6ect to to )ero*rate+ )ero*rate+ VA VAT. Page 1 of 6 C. E3e-te+ fro VAT. &. Sub6ect to 7 other -ercentae ta3. 8. "r. San &ieo a--roache+ you an+ as'e+ for your -rofessional hel- with rear+ to a sale of  his ancestral house an+ lot in the aount of  850005000. $our a+,ise woul+ be9 Such transaction will be sub6ect to A. #. C. &. 127 VAT ero*rate+ VAT E3e-t fro VAT 7 other -ercentae ta3 :. Call Center o-erate+ by a +oestic enter-rises in "a'ati that e3clusi,ely the reser,ations of  a hotel chain which are all locate+ in ;orth Aerica. The ser,ices are paid or in U! "  an+ +uly accounte+ for with the rulins of #an'o Sentral n ili-inas. /s sub6ect to9 A. #. C. &. 127 VAT 07 VAT E3e-t fro VAT ;one of the abo,e <. Three of the followin are e3e-t fro the ,alue*a++e+ ta3. Which is the e3ce-tion? A. #. C. &. /-ortation of boo's an+ any news-a-ers5 aa)ines5 re,iew or bulletin. /-ortation of aricultural an+ arine foo+ -ro+ucts in their oriinal state. /-ortation of -etroleu -ro+ucts an+ their raw aterials. /-ortation or sale of fish5 -rawn5 li,estoc' an+ -oultry fee+s. =. Which of the followin lessors of resi+ential units is>are sub6ect to VAT? A # C &  ;o. of a-artent units 20 18 10 10 "onthly rent>unit 5000 105000 125000 145000 A. #. C. &. # an+ & C an+ & #5 C an+ & & only . Which of the followin i-ortation is sub6ect to VAT? A. /-ortation of fro)en eat #. /-ortation of a--les for -ersonal consu-tion Page 2 of 6 C. /-ortation of baboo -oles &. /-ortation of ra-es for sales 10. Which stateent is wron? Value*a++e+ ta3 on i-ortation of oo+s9 A. #. C. &. /s i-ose+ on an i-ortation for sale or for use in business. /s i-ose+ on an i-ortation for -ersonal use. Shoul+ be -ai+ -rior to reo,al fro custos custo+y. /s not a,ailable as in-ut ta3 e,en if relate+ to business. (in-ut ta3 on i-ortation is a,ailbale only for business relate+ i-ortation! 11. The followin e,ents ha--en in a VAT enter-rise9 @une * -erfoance of ser,ices @uly * recei,e+ an in,oice aount of  1125000 Auust * -ai+ the ser,ices. When an+ how uch in-ut VAT will be claie+? A. #. C. &. @uly5 125000 Auust5 125000 @uly5 15440 Auust5 15440 12. The followin accountin recor+s re,eal9 Accounts ecei,able5 #einnin Accounts ecei,able5 En+in /n,entory5 #einnin /n,entory5 En+in urchases Sales urchase &iscount Sales eturn Collections Cost of Sales  1005000 1105000 805000 :85000 05000 2805000 85000 105000 2005000 <05000 ow uch is the ,atable sales?B A.  2805000 #.  205000 C.  2405000 Page 3 of 6 &.  2005000 1. ow uch is the outout VAT? A. #. C. &.  2<5:00  05000  2=5=00  245000 14. ow uch is the in-ut VAT? A. #. C. &.  105200  =5400  105=00 ;one 18. A VAT reistere+ -erson is enae+ in the sale of VAT ta3able oo+s an+ at the sae tie is also enae+ in non*VAT business5 in the sae business establishent. &urin the year5 total sales in,oice of the VAT business aounte+ to :5000. The sales of the non*VAT business aounte+ to 2005000 with a se-arate+ -ercentae ta3 of :5000 for a total of 20:5000. &urin the sae quarter5 re-airs on the buil+in aounte+ to 805000 -lus ,alue a++e+ ta3 of  :5000. Su--lies -urchase+ for coon use aounte+ to 105000 -lus 15200 VAT. The cre+itable in-ut ta3 is A. #. C. &. :5000 <5200 15000 4520 1:. sin the abo,e +ata5 the VAT -ayable is A. #. C. &. 245000 285000 15:=0 2:5400 1<. A5 is a VAT D reistere+ +ealer of a--liances. The followin +ata are for the last quarter of 200: Sales5 net of out-ut ta3 urchases5 net of in-ut ta3 Sales return  :5=005000 858005000 2005000 Page 4 of 6 urchase return 005000 &eferre+ in-ut ta3 (carrie+ o,er fro the thir+ quarter of 200: 5800 The VAT -ayable for the last quarter of 200: by A is A. #. C. &. 1205800 <05800 =05000 18=5800 1=. A ta3-ayer reistere+ un+er the VAT syste on @anuary 15 200<. is recor+s +urin the onth show Value of in,entory as of &eceber 15 200:5 -urchase+ fro VAT reistere+  -ersons * VAT -ai+ on in,entory as of &eceber 15 200: Value of in,entory as of &eceber 15 200:5 VAT e3e-t oo+s Sales5 net of VAT Sales5 ross of VAT urchases5 net of VAT 805000 :5000 :05000 1405000 485000 <05000 VAT -ayable is A. #. C. &. 115100 <5221 5100 1=5100 1. A i-orte+ an article fro SA. The in,oice ,alue of the i-orte+ article was <5000 (1980!. The followin were incurre+ in relation with the i-ortation /nsurance Freiht ostae Wharfae Arrastre chares #ro'erae fee Facilitation fee 185000 105000 85000 <5000 =5000 285000 5000 The i-orte+ article is sub6ect to 805000 custos +uty an+ 05000 e3cise ta3. A s-ent 85000 for truc'in fro the custos warehouse in %ue)on City. The VAT on i-ortation is9 A. #. C. &. 805000 85000 805800 :05000 Page 5 of 6 20. The followin +ata are ta'en fro the boo's of accounts of a VAT*reistere+ ta3-ayer9 Thir+ quarter9 Sales  150005000 urchases =005000 E3cess in-ut VAT as of en+ of secon+ quarter 285000 Fourth quarter9 Sales urchases 158005000 151005000 ow uch is the VAT -ayable for the thir+ an+ fourth quarters? Page 6 of 6