AAT ASSESSMENT 2 TASK2
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Amna
Registered Posts: 26 Regular contributor ⭐
Hi, can anyone help me to explain the AAT ASSESSMENT 2 TAKS 2
SRV 20% APPLIES TO ALL SALES
the trader sells an item to a customer 405 including VAT calculate the original cost of the item to the trader, excluding VAT?
Thanks
SRV 20% APPLIES TO ALL SALES
the trader sells an item to a customer 405 including VAT calculate the original cost of the item to the trader, excluding VAT?
Thanks
0
Comments
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So you have a standard rate of VAT applied and the amount including VAT is 405. You want to find the amount excluding VAT.
AMount including VAT = (1+ VAT rate) * Amount excluding VAT
Excluding VAT = 405/1.2
=337.50
The question asks for the original cost which makes me think there is more to the question that hasn't been posted such as a mark up/margin required. As this would just be the sale price excluding VAT.AAT Level 4, MAAT
ACCA in progress
F4- Passed Aug 2020
F5- Passed Dec 2020
F6- Passed Sep 2020
F7- Passed June 2021
F8 - Passed Sep 2021
F9 - Passed June 2021
SBL -
SBR - Passed Mar 22
ATX - Passed Dec 21
APM - Passed June 220 -
Ive had the same issue with this question. I put the answer as £337.50 but when you check the answers, it says the answer is £250?? is this an error?0
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I've just had a relook at the question from the beginning. It does state the business sells it goods at a mark up on cost of 35%. so if we work out the mark up of 35% to 405.
405 divided by 1.35 this give us £300.00. then work out the cost ex vat
300 divided by 1.2 which gives us £250.001 -
thanks
0 -
if inventory increase 560 and the total value of purchases given 22000, mark up 40%
how to calculate the value of purchases, sale and closing inventory?0 -
So theres a little bit of information missing. You'll need the opening inventory.
CoS = 22000-560 = 21440
Sales = 21440 *1.4 = 30016
Closing Inventory = Opening Inventory + 560AAT Level 4, MAAT
ACCA in progress
F4- Passed Aug 2020
F5- Passed Dec 2020
F6- Passed Sep 2020
F7- Passed June 2021
F8 - Passed Sep 2021
F9 - Passed June 2021
SBL -
SBR - Passed Mar 22
ATX - Passed Dec 21
APM - Passed June 220 -
thanks
0
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