Exam question about Settlement discount yesterday

System
System Posts: 100,534 🤖 Admin 🤖
edited June 18 in AAT student discussion
Morning peeps. Ive just found out that whether we took the 2% from the net figure or the gross figure the answer will still come to 207.27 so we are correct whatever way we worked it out. Got quite worried there for a second. Glad its all over, i was shaking! Did anyone take their exam at White Lion Street in Islington?<BR><BR>Chris.

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  • System
    System Posts: 100,534 🤖 Admin 🤖
    Exam question about Settlement discount yesterday

    Well, it depends on whether a person took the 2% before the VAT. otherwise you are taking 2% on the net and 2% on the VAT which i think would be wrong. I also got 207.27 as the discount was 3.60
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Exam question about Settlement discount yesterday

    Yep, my manager said that as long as you show you're workings and get to that figure they will mark it correct. So im pleased.
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Exam question about Settlement discount yesterday

    You've lost me i've no idea how you can work it out from the gross and get the same figure but i worked it from the next and got settlement discount of £3.60 and total to pay of £207.27
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Exam question about Settlement discount yesterday

    using the gross figure, work out 211.50 X 2 / 100. This should give you 4.23. You then do 211.50 - 4.23 = 270.27. Same answer as if you took away 2% from the net figure.
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Exam question about Settlement discount yesterday

    I get that now thanks <BR>
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Exam question about Settlement discount yesterday

    I don't see how you can get the same answer from both figures. If you take 2% off a higher figure then it's not gonig to give you the same answer is it?

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