UniGeniusLevel 2 accounting

Practice · Introduction to Bookkeeping LO2

Customer invoices, discounts and receipts

Take trade discount, then bulk discount, then add VAT at 20%. A prompt payment discount is offered on the invoice, never deducted from it; if the customer takes it, a credit note follows.

The lesson for this outcome

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Task 1 · Introduction to Bookkeeping LO24 marks

This task is about calculating invoice amounts.

Northgate Electrical: price quotation

Customer: Elmfield Joinery

200 × A4 copier paper at £9.90 per box

Trade discount: 10%

VAT at 20%

Calculate the amounts to be shown on the sales invoice. (4 marks)

£
List price before discounts
Net amount
VAT @ 20%
Total