Help with aat level 3 question
daniel_123456
AAT Student Posts: 25
You are preparing accounts from incomplete records. Trade receivables at the start of the year were 2500, and at the end 3250. Bank receipts from receivables total 17,850; cash sales total 2500 (net of vat). What is the sales revenue figure for the year (net of vat).
a/ 17850
b/ 17100
c/ 18000
d/ 21100
The answer in my textbook says the answer is d 18000, but i just cannot figure out how. Help would be much appreciated.
a/ 17850
b/ 17100
c/ 18000
d/ 21100
The answer in my textbook says the answer is d 18000, but i just cannot figure out how. Help would be much appreciated.
0
Comments

Sorry, i meant to say c 18000.0

Increase in trade receivables = 750
Sales inc VAT = 750 + 17,850 + (2500 * 1.2) = 21,600
Sales = 21,600 / 1.2 = 18,0000