HELP - how to work out discounts when the figure is missing

tracey4

Hi

can anyone help me with this, I'm needing to know who to work out discounts allowed and received when the figure is missing from the accounts records all together?

Tracey

A-Vic

You start with drawing a t-account put in any opening balance then closing balance then any payments and sales then the balancing figure will be the missing figure i hope this helps

Or someone else can explane it better

tracey4

Hi

that's great thank you, I've tried your above answer and I still get a figure that I think is way out.

If you wouldn't mind having a look at below and telling me where I'm going wrong?

I have:

receipts from debtors - £39,100
opening balance - £60,300
closing balance - £75,600
sales for the year - £80,000

the total I get is way too high to be the dicount total!!

A-Vic

Hi tracie i will attach how i worked it out

A-Vic

wont upload but here

Opening blance 60,300
Add Sales 80,000
Take Off P 39,100
Missing Figure
Closing Blance 75600


I have discounts at 25,600

A-Vic

I have a head full of figures at the min so if anyone gets anything else please add

OlympicRudi

A-Vic wrote: »

I have a head full of figures at the min so if anyone gets anything else please add

I got £25,600 too

dobbieobby

Me too :-)

Toffeemadblue

Given the OP's figure the answer is £25,600, however this is way too high as the OP said. It would mean that this discount percentage would be about 40% of the original invoice (25600/(39100+25600), so the figures may be wrong or another figure is involved sales returns for instance.
Cheers