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Sold goods costing Rs. 40000 to Anita for cash at a profit of 25% on cost less 20% trade discount and charged 8% sales tax and paid cartage Rs. 100 ( not to be charged from customer)?
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Sold goods costing Rs. 40000 to Anita for cash at a profit of 25% on c...
Calculation of Profit on Sale
- Cost of goods sold = Rs. 40,000
- Profit on cost = 25%
- Trade discount = 20%
- Net cost = Cost of goods sold - Trade discount = Rs. 32,000
- Profit on net cost = 25% of Rs. 32,000 = Rs. 8,000
- Selling price = Net cost + Profit = Rs. 40,000
Calculation of Sales Tax
- Sales tax rate = 8%
- Sales tax amount = 8% of selling price = Rs. 3,200
Calculation of Total Amount Payable by Customer
- Total amount payable by customer = Selling price + Sales tax + Cartage
- Cartage = Rs. 100 (not to be charged from customer)
- Total amount payable by customer = Rs. 40,000 + Rs. 3,200 + Rs. 100 = Rs. 43,300
Conclusion
The seller sold goods to Anita for Rs. 40,000 at a profit of 25% on cost after deducting a trade discount of 20%. The seller also charged a sales tax of 8% on the selling price and paid cartage of Rs. 100 which was not to be charged from the customer. Therefore, Anita had to pay a total amount of Rs. 43,300 for the goods.
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Sold goods costing Rs. 40000 to Anita for cash at a profit of 25% on cost less 20% trade discount and charged 8% sales tax and paid cartage Rs. 100 ( not to be charged from customer)?
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Sold goods costing Rs. 40000 to Anita for cash at a profit of 25% on cost less 20% trade discount and charged 8% sales tax and paid cartage Rs. 100 ( not to be charged from customer)? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about Sold goods costing Rs. 40000 to Anita for cash at a profit of 25% on cost less 20% trade discount and charged 8% sales tax and paid cartage Rs. 100 ( not to be charged from customer)? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Sold goods costing Rs. 40000 to Anita for cash at a profit of 25% on cost less 20% trade discount and charged 8% sales tax and paid cartage Rs. 100 ( not to be charged from customer)?.
Sold goods costing Rs. 40000 to Anita for cash at a profit of 25% on cost less 20% trade discount and charged 8% sales tax and paid cartage Rs. 100 ( not to be charged from customer)? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about Sold goods costing Rs. 40000 to Anita for cash at a profit of 25% on cost less 20% trade discount and charged 8% sales tax and paid cartage Rs. 100 ( not to be charged from customer)? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Sold goods costing Rs. 40000 to Anita for cash at a profit of 25% on cost less 20% trade discount and charged 8% sales tax and paid cartage Rs. 100 ( not to be charged from customer)?.
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