Accounting question pls help?
Hi Im doing a spreadsheet project for college and Im a bit confused as to what goes where regarding Net, Total etc. My spreadsheet includes Total, Vat, Total (with Vat), a discount and then a special discount and then finally the Total. Can somebody please give me the correct words to use and in what order??.Many thanks and 10pts!
Homework Help - 3 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
I know a friend who is like a complete braniac when it comes to accounting. shame im not her.
Answer 2 :
Okay - in the order they would be listed.... Sub Total Vat (at 15%( Total (Inc Vat) Final Total You don't say what the discounts are for which makes it a bit awkward - but you could put Discount before the Sub Total (but why are you giving the discount) - Special Discount could be for early payment (in which case it would be labelled as such) - and would be stated after the Final Total.
Answer 3 :
Hello Item Net / Discount / VAT / Total You cannot alter the VAT so any discount must come before that. You would Start with Item Description. Column 1 Then Part/ Identification Number. Column 2 Or May be the other way around You must Start with the Item Net Price. Column 3 Then Any Discount Allowed Per Item Column 4 New Item Net Price Column 5 Quantity of Item required Column 6 Total of Discount Allowed ( C4 X C6 ) Column 7 Total Net Price ( C5 X C6 ) Column 8 VAT Rate ( 15% ) Column 9 VAT Charged ( C6 X C9 ) Column 10 Total Price ( C8 + C10 ) Column 11 If you do this properly you will require the totals for Discount Allowed as this must be included in your Figures to account for lower bills. Andy C
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