Question: If Able Ltd, registered for GST, purchased inventory from a supplier for $9 000 (excluding GST).Returned $1 500 worth of inventory (excluding GST) two days

If Able Ltd, registered for GST, purchased inventory from a supplier for $9 000 (excluding GST).Returned $1 500 worth of inventory (excluding GST) two days later.Then paid the account within the discount period to take advantage of a 2% discount.


What amount would Able Ltd record for discount received?

Step by Step Solution

3.58 Rating (151 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock

To calculate the discount received by Able Ltd we need to find the discount amount ... View full answer

blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Finance Questions!