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1. Raman purchased goods of list price 60,000 at 10% trade discount and 5% cash discount on purchase price from karan CGST and SGST 6% each 2. Sold goods of list price 80,000 at 10 % trade discount and 5% cash discount in sales price to Aman,CGST AND SGST @ 6% each?
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1. Raman purchased goods of list price 60,000 at 10% trade discount an...
Calculation of Purchase Price and Taxes:
Calculation of Sales Price and Taxes:
Explanation:
Raman purchased goods worth Rs. 60,000 at a trade discount of 10% and a cash discount of 5% on the purchase price from Karan. The net purchase price was Rs. 51,300 after deducting both discounts. The CGST and SGST were charged at a rate of 6% each, which amounted to Rs. 3,078 each.
Later, Raman sold the same goods to Aman at a list price of Rs. 80,000 with a trade discount of 10% and a cash discount of 5% on the sales price. The net sales price was Rs. 68,400 after deducting both discounts. The CGST and SGST were charged at a rate of 6% each, which amounted to Rs. 4,104 each.
In both transactions, the trade discount and cash discount were given to encourage the buyer to make the purchase. The CGST and SGST were charged as per the applicable rate under the GST law.
- List price of goods = Rs. 60,000
- Trade discount = 10%
- Discount = 60,000 x 10/100 = Rs. 6,000
- Purchase price = List price - Discount = 60,000 - 6,000 = Rs. 54,000
- Cash discount = 5%
- Discount = 54,000 x 5/100 = Rs. 2,700
- Net purchase price = Purchase price - Cash discount = 54,000 - 2,700 = Rs. 51,300
- CGST = 6% of Net purchase price = 51,300 x 6/100 = Rs. 3,078
- SGST = 6% of Net purchase price = 51,300 x 6/100 = Rs. 3,078
Calculation of Sales Price and Taxes:
- List price of goods = Rs. 80,000
- Trade discount = 10%
- Discount = 80,000 x 10/100 = Rs. 8,000
- Selling price = List price - Discount = 80,000 - 8,000 = Rs. 72,000
- Cash discount = 5%
- Discount = 72,000 x 5/100 = Rs. 3,600
- Net sales price = Selling price - Cash discount = 72,000 - 3,600 = Rs. 68,400
- CGST = 6% of Net sales price = 68,400 x 6/100 = Rs. 4,104
- SGST = 6% of Net sales price = 68,400 x 6/100 = Rs. 4,104
Explanation:
Raman purchased goods worth Rs. 60,000 at a trade discount of 10% and a cash discount of 5% on the purchase price from Karan. The net purchase price was Rs. 51,300 after deducting both discounts. The CGST and SGST were charged at a rate of 6% each, which amounted to Rs. 3,078 each.
Later, Raman sold the same goods to Aman at a list price of Rs. 80,000 with a trade discount of 10% and a cash discount of 5% on the sales price. The net sales price was Rs. 68,400 after deducting both discounts. The CGST and SGST were charged at a rate of 6% each, which amounted to Rs. 4,104 each.
In both transactions, the trade discount and cash discount were given to encourage the buyer to make the purchase. The CGST and SGST were charged as per the applicable rate under the GST law.
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1. Raman purchased goods of list price 60,000 at 10% trade discount and 5% cash discount on purchase price from karan CGST and SGST 6% each 2. Sold goods of list price 80,000 at 10 % trade discount and 5% cash discount in sales price to Aman,CGST AND SGST @ 6% each?
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1. Raman purchased goods of list price 60,000 at 10% trade discount and 5% cash discount on purchase price from karan CGST and SGST 6% each 2. Sold goods of list price 80,000 at 10 % trade discount and 5% cash discount in sales price to Aman,CGST AND SGST @ 6% each? for Class 11 2024 is part of Class 11 preparation. The Question and answers have been prepared according to the Class 11 exam syllabus. Information about 1. Raman purchased goods of list price 60,000 at 10% trade discount and 5% cash discount on purchase price from karan CGST and SGST 6% each 2. Sold goods of list price 80,000 at 10 % trade discount and 5% cash discount in sales price to Aman,CGST AND SGST @ 6% each? covers all topics & solutions for Class 11 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for 1. Raman purchased goods of list price 60,000 at 10% trade discount and 5% cash discount on purchase price from karan CGST and SGST 6% each 2. Sold goods of list price 80,000 at 10 % trade discount and 5% cash discount in sales price to Aman,CGST AND SGST @ 6% each?.
1. Raman purchased goods of list price 60,000 at 10% trade discount and 5% cash discount on purchase price from karan CGST and SGST 6% each 2. Sold goods of list price 80,000 at 10 % trade discount and 5% cash discount in sales price to Aman,CGST AND SGST @ 6% each? for Class 11 2024 is part of Class 11 preparation. The Question and answers have been prepared according to the Class 11 exam syllabus. Information about 1. Raman purchased goods of list price 60,000 at 10% trade discount and 5% cash discount on purchase price from karan CGST and SGST 6% each 2. Sold goods of list price 80,000 at 10 % trade discount and 5% cash discount in sales price to Aman,CGST AND SGST @ 6% each? covers all topics & solutions for Class 11 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for 1. Raman purchased goods of list price 60,000 at 10% trade discount and 5% cash discount on purchase price from karan CGST and SGST 6% each 2. Sold goods of list price 80,000 at 10 % trade discount and 5% cash discount in sales price to Aman,CGST AND SGST @ 6% each?.
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1. Raman purchased goods of list price 60,000 at 10% trade discount and 5% cash discount on purchase price from karan CGST and SGST 6% each 2. Sold goods of list price 80,000 at 10 % trade discount and 5% cash discount in sales price to Aman,CGST AND SGST @ 6% each?, a detailed solution for 1. Raman purchased goods of list price 60,000 at 10% trade discount and 5% cash discount on purchase price from karan CGST and SGST 6% each 2. Sold goods of list price 80,000 at 10 % trade discount and 5% cash discount in sales price to Aman,CGST AND SGST @ 6% each? has been provided alongside types of 1. Raman purchased goods of list price 60,000 at 10% trade discount and 5% cash discount on purchase price from karan CGST and SGST 6% each 2. Sold goods of list price 80,000 at 10 % trade discount and 5% cash discount in sales price to Aman,CGST AND SGST @ 6% each? theory, EduRev gives you an
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