Your business purchased inventory on 02/07/15. The total invoice was $11,000 and the terms were 5/10, n30.
All answers are numbers which consist only of the digits 0 to 9. Symbols or punctuation marks should NOT be incorporated in answers.
If you paid this invoice on 15/07/15 calculate:
The amount of any discounts that may be applicable (inc GST) | Answer |
GST related to discount if any | Answer |
Discount net of GST if any | Answer |
Amount of GST in the original invoice | Answer |
Total amount that will be payable | Answer |
If you paid this invoice on 12/07/15 calculate:
The amount of any discounts that may be applicable (inc GST) | Answer |
GST related to discount if any | Answer |
Discount net of GST if any | Answer |
Amount of GST in the original invoice | Answer |
Total amount that will be payable | Answer |
GTS 10%
Solution a:
If invoice is paid on 15/07/15:
The amount of any discounts that may be applicable (inc GST) = 0
Discount will not be available as payment is made after 10 days
GST related to discount if any = 0
Discount net of GST if any = 0
Amount of GST in the original invoice = 11000 / 110*10 = $1,000
Total amount that will be payable = $11,000
Solution b:
If invoice is paid on 12/07/15:
The amount of any discounts that may be applicable (inc GST) = 11000*5% = $550
GST related to discount if any = 550/110*10 = $50
Discount net of GST if any = $550 - $50 = $500
Amount of GST in the original invoice = 11000 / 110*10 = $1,000
Total amount that will be payable = $11,000 - $550 = $10,450
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