Selling 10,000 units of product B as sales agent for a domestic company, the selling price was 50,000VND/unit (exclusive VAT)2. The commission of 5% of the selling price had been receiv[r]
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VAT HOMEWORK
Họ & tên SV: ………
MSSV : ………
Exercise 1: Hong Phu Company sold 5,000 units of product A at the selling price of VND800,000/unit To promote the sale in occasion of 30/04 & 01/05, the Company’ s manager decided to reduce the price by 5%
Requirement: Calculate the VAT payable of 5,000 units sold? Assuming that VAT rate was 10% and accounting for VAT by deduction method
Your work here:
Exercise 2: Quang Dai Company had the following transactions in December, 2017:
I Goods and services purchased in the month:
1 To use for production of product A:
a Purchasing from Thanh Cong Company 15,000 kg of raw materials with the price of 70,000 VND/kg (exclusive VAT)
b Purchasing products from Dai A Company, the total VAT amount was 370.000.000 VND
c Services invoices which was billed by a services company was 500.000.000 VND (exclusive VAT) To use for production of product B:
a Purchasing 120.000.000 VND raw material from Quoc Loi Company (exclusive VAT) b Purchasing 330.000.000 VND product T from Quoc Loi Company (inclusive VAT)
c Services invoices which was billed by a services company was 350.000.000 VND (exclusive VAT) To use for both product A and B:
Goods and services invoices which was billed by another company was 510.000.000 VND (exclusive VAT)
II Products sold in the month:
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Requirement: Calculate the VAT payable of the Company for the month? Assuming that VAT rate was 10% and accounting for VAT by deduction method
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Exercise 3: In March, 2017, Hai Nam Co., Ltd had the following economic transactions: Exporting product A with FOB price of 500.000.000 VND
2 Selling 10,000 units of product B as sales agent for a domestic company, the selling price was 50,000VND/unit (exclusive VAT) The commission of 5% of the selling price had been received Accepting entrusted-exporting for a domestic company under FOB price of 600.000.000 VND, commission of 3% of FOB price had been received
4 Selling 10,000 units of product C with total price of 220.000.000 VND (inclusive VAT) to a domestic company
5 Exchange 100 units of product E for product F The selling price (without VAT) of product E was 120,000 VND/unit The total value of product F was 15.000.000 VND (without VAT) The difference value on the exchage has been paid The VAT rate for product E was 10%, product F was 5%
6 Hiring an abroad company (not declaring accounting financial report in Vietnam) repaired a production system (the repair was done in Vietnam) with the contract price of 300.000.000 VND Selling product K with installment payment to a domestic company, the selling price without VAT was 300.000.000 VND, payment within years, the selling price without installment sale was
250.000.000 VND (exclusive VAT)
Requirement: Determine VAT payable for the company in the month? Assuming that: - The company used VAT deduction method
- The VAT rate applicable to goods and services was 10%
- The other input VAT in the period was 50.000.000 VND (excluding input VAT of hiring foreigner to repair property and goods exchange)
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Exercise 4: Nam Hai Company imported 20,000 liters of raw liquor at CIF price of 50,000 VND/liter, importing tax rate of 50%, excise tax rate of 40% Later, the Company used 15,000 liters of raw liquor to produce 30,000 bottles of wine Then,
1 Sold 12,000 bottles to Hai Yen Company with the price of 150,000 VND/bottle (exclusive VAT) Sold 15,000 bottles to non-tariff- zone with FOB price of 200,000 VND/ bottle (Export tax rate was 15%)
Requirement: Calculate the input VAT, output VAT, VAT payable after deduction? Assuming that input VAT and output VAT rate was 10%
Your work here:
Exercise 5: Imexco Viet Nam Corp had the following transactions in December 2017:
1 Exporting 15,000 units of product X with FOB price of USD/unit VAT on purchase invoice when purchasing 15,000 units of product X was 24,000,000 VND
2 Accepting entrusted- import an equipment with CIF price of 20.000.000 USD, the equipment was exempt from import tax Commission was 5% of CIF price (exclusive VAT)
3 Importing 500 units of product Y with CIF prcie of 10,000 USD During the month, the company sold all these product Y with total revenue of 180,000,000 VND (exclusive VAT)
Requirement: Determine VAT payable? Assuming that: - The company used VAT deduction method;
- Export tax rate was 6%; - Import tax rate was 50%; - VAT rate was 10%;
- Currency exchange rate was 20,000VND/USD
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Exercise 6: Star-Up, a State-owned- Company had the following transactions in October 2017: Purchasing 200 tons of rice from a trading company with the price of 3.000.000 VND/ton; then, exporting 150 tons with the selling price of 3,500,000 VND/ton The exporting transportation cost was 400,000 VND/ton
2 Importing 500 units of air conditioner with FOB price of 400 USD/unit Insurance at Bao Minh Insurance Company was 1,100 USD and Freight charge to Viet Nam was 1,000 USD Later, the Company sold 200 units with the price of 15.000.000 VND/unit
3 Accepting entrusted-export 2.000 bottles of Vodka wine with FOB price of 30 USD/bottle Entrusted-export commission was 200.000.000 VND which was already received
Requirement: Determine VAT payable? Assuming that: - Export tax rate for rice was 0%;
- Import tax rate for wine was 150%, for air conditioners was 60% - VAT rate for rice was 5%, for other goods and services was 10% - Excise tax rate for wine was 75%, for air conditioning was 15% - All the price was the price without VAT
- Currency exchange rate was 20.000 VND/USD
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Exercise 7: A cigarette factory in the first quarter had the following transaction:
1 Accepting to process 2,000 package of cigarette for Company A, the processing cost was 29,000 VND/package Company A already received 2,000 package of cigarette
2 Selling 700 kg of tobacco, the selling price was 35,000 VND/kg
3 Selling 5,600 package of cigarette domestically, the selling price was 50,500 VND/package
4 Selling 200 parkage of cigarettes to commercial shops, the selling price was 50,500 VND/package
Requirement: Determine the Excise Tax and VAT payable? Assuming that: - Excise tax rate for cigarettes was 45%;
- VAT rate was 10%
- Total Input VAT was VND15,000,000 - There was no export activities in the period - All the price was the price without VAT