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Goods purchased of list price Rs 25000 from mayank less 20% trade discount and 5% cash discount and paid 40% by cheque?
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Goods purchased of list price Rs 25000 from mayank less 20% trade disc...
Calculation of Discounts and Payment Method
Trade Discount
The list price of goods purchased from Mayank is Rs 25,000. A trade discount of 20% is given on the list price.
Therefore, the trade discount will be:
Trade Discount = List Price x Rate of Discount
Trade Discount = Rs 25,000 x 20/100
Trade Discount = Rs 5,000
Net Price
Net Price is the price at which the goods are sold after the trade discount. It is calculated as follows:
Net Price = List Price - Trade Discount
Net Price = Rs 25,000 - Rs 5,000
Net Price = Rs 20,000
Cash Discount
A cash discount of 5% is given on the net price if the payment is made in cash.
Therefore, the cash discount will be:
Cash Discount = Net Price x Rate of Discount
Cash Discount = Rs 20,000 x 5/100
Cash Discount = Rs 1,000
Amount Payable
Amount payable is the amount for which goods are purchased after all the discounts are given. It is calculated as follows:
Amount Payable = Net Price - Cash Discount
Amount Payable = Rs 20,000 - Rs 1,000
Amount Payable = Rs 19,000
Payment Method
40% of the amount payable is paid by cheque. Therefore, the cheque payment will be:
Cheque Payment = Amount Payable x 40/100
Cheque Payment = Rs 19,000 x 40/100
Cheque Payment = Rs 7,600
Therefore, the remaining amount will be paid in cash:
Cash Payment = Amount Payable - Cheque Payment
Cash Payment = Rs 19,000 - Rs 7,600
Cash Payment = Rs 11,400
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Goods purchased of list price Rs 25000 from mayank less 20% trade discount and 5% cash discount and paid 40% by cheque?
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Goods purchased of list price Rs 25000 from mayank less 20% trade discount and 5% cash discount and paid 40% by cheque? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Goods purchased of list price Rs 25000 from mayank less 20% trade discount and 5% cash discount and paid 40% by cheque? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Goods purchased of list price Rs 25000 from mayank less 20% trade discount and 5% cash discount and paid 40% by cheque?.
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