I incorrectly calculated vat by adding 20% instead of 20/120 in June 2016 exam. In question, it was stated that all amounts are exclusive otherwise stated. I want to know that because of this mistake, my whole question will be wrong?
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Vat
No your whole answer will not be wrong but clearly you will lose some marks if you computed the VAT incorrectly - that said if the question stated that the amounts were exclusive of VAT then you should indeed have used 20% and only applied 20/120 where it specifically stated that it was inclusive!
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