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ScotlandAccountingQuick questions

Financial Accounting

Quick questions on Business documents and VAT: invoices, credit notes, statements - SQA National 5 Accounting

3short Q&A pairs drawn directly from our worked dot-point answer. For full context and worked exam questions, read the parent dot-point page.

What is q1?
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Goods are listed at £200\pounds 200 with a 15%15\% trade discount. Find the net price. [2 marks]
What is q2?
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Add VAT at 20%20\% to a net price of £250\pounds 250. [2 marks]
What is q3?
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A total of £240\pounds 240 includes 20%20\% VAT. Find the VAT amount. [2 marks]

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