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Sold goods RS 12000 to thakur and co.,issued at 20% above cost less 10% discount?
Most Upvoted Answer
Sold goods RS 12000 to thakur and co.,issued at 20% above cost less 10...
Thakur's a/c Dr. 12960
To sales a/c cr. 12960
( Being goods sold to Thakur at 20 above cost and 10% T.D. )
To sales a/c cr. 12960
( Being goods sold to Thakur at 20 above cost and 10% T.D. )
Community Answer
Sold goods RS 12000 to thakur and co.,issued at 20% above cost less 10...
Explanation of the Transaction:
Calculation of Selling Price:
Calculation of Actual Selling Price:
Conclusion:
A transaction occurred where goods worth Rs 12000 were sold to Thakur and Co.
The cost of the goods was marked up by 20% and then a discount of 10% was given to Thakur and Co.
Calculation of Selling Price:
20% markup on cost = (20/100) x Cost = 0.2C
Cost of goods = C
Selling price = C + 0.2C = 1.2C
10% discount on selling price = (10/100) x 1.2C = 0.12C
Final Selling Price = 1.2C - 0.12C = 1.08C
Calculation of Actual Selling Price:
Actual Selling Price = Final Selling Price = Rs 12000
Therefore, 1.08C = 12000
Cost of goods = C = 12000/1.08 = Rs 11111.11
Conclusion:
The goods were sold for Rs 12000 after marking up the cost by 20% and then giving a discount of 10%.
The actual cost of the goods was Rs 11111.11.
Thakur and Co. got a discount of Rs 1200 on the selling price.
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Sold goods RS 12000 to thakur and co.,issued at 20% above cost less 10% discount?
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Sold goods RS 12000 to thakur and co.,issued at 20% above cost less 10% discount? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Sold goods RS 12000 to thakur and co.,issued at 20% above cost less 10% discount? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Sold goods RS 12000 to thakur and co.,issued at 20% above cost less 10% discount?.
Sold goods RS 12000 to thakur and co.,issued at 20% above cost less 10% discount? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Sold goods RS 12000 to thakur and co.,issued at 20% above cost less 10% discount? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Sold goods RS 12000 to thakur and co.,issued at 20% above cost less 10% discount?.
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