extra questions unit 7

taskey
taskey Font Of All KnowledgeRegistered Posts: 1,800
FAILED my extra questions and am really confused now, as having looked at my answers and my books, i cannot see where i went wrong.

the question was sales in 2007 were £2,486,700 and in 2006 were £2,245,600 what was the % increase?

i put 2486700-2245600 = 241100

241100/2245600 = 0.1 x 100 = 10%

where did i go wrong?

also on bad debt relief on the vat return how do i do that? i did

output tax box 1 and 3 as same amount
input tax less bad debt relief box 4
box 3 less box 4 = box 5
sales exclusive of vat box 6
purchases exclusive of vat box 7


these are the two points my tutor has asked me to revise again, so i presume the next couple of questions are on the above.

can anyone point me in the right direction.

thanks

tracy

Comments

  • crispy
    crispy Trusted Regular SouthamptonRegistered Posts: 456
    Hi,

    1. Maybe the question stated the % increase to 1 decimal place. In which case the answer would be 10.7 %

    2. Bad Debt VAT relief I would of included in Box 4 (Inputs), not taken away.
  • Marga
    Marga Experienced Mentor Registered Posts: 981
    crispy wrote: »
    Hi,

    1. Maybe the question stated the % increase to 1 decimal place. In which case the answer would be 10.7 %

    2. Bad Debt VAT relief I would of included in Box 4 (Inputs), not taken away.

    hi

    i would have done this too ....
  • taskey
    taskey Font Of All Knowledge Registered Posts: 1,800
    ok, thanks for that, will scour the books again in the hope there might be a bit of a lightbulb moment.

    Tracy
  • coojee
    coojee Experienced Mentor Registered Posts: 794
    crispy wrote: »
    Hi,



    2. Bad Debt VAT relief I would of included in Box 4 (Inputs), not taken away.

    Yes, you have to add on the bad debt not take it away so that's cleared that one up. I can't think why your percentage increase was marked wrong, even if it's a dp issue it should usually still be marked correct.
  • taskey
    taskey Font Of All Knowledge Registered Posts: 1,800
    coojee wrote: »
    I can't think why your percentage increase was marked wrong, even if it's a dp issue it should usually still be marked correct.

    i know, i will just have to have another go and see what happens next

    Tracy
  • taskey
    taskey Font Of All Knowledge Registered Posts: 1,800
    just a quick update - i passed this unit - YEEHAAA

    the problem i had was when i was dealing with the bad debt, i was doing it as a total, not the VAT % amount DUH!!

    i answered further questions over the phone with my tutor and the internal verifier on speakerphone and passed the questions there and then.

    just waiting for my certificate now for intermediate.

    2 more sims then all done :)

    Tracy
  • Rinske
    Rinske Font Of All Knowledge Registered Posts: 2,453
    Congratulations, well done you!

    What sim have you lined up next?
  • taskey
    taskey Font Of All Knowledge Registered Posts: 1,800
    thanks, i have got cash management and audit lined up - both books are on my desk and both to be honest are boring me rigid lol. i used to do cash management but with no knowledge of why i did what behind it all - now i am beginning to realise it all.

    Tracy
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