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2) Sold goods to Jitendra 35,000 @ 8% T.D. What is the amount of Trade discount?
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2) Sold goods to Jitendra 35,000 @ 8% T.D. What is the amount of Trade...
Understanding Trade Discount
Trade discount is a reduction in the listed price of goods or services, offered by a seller to a buyer, typically as an incentive for bulk purchasing or to maintain customer loyalty. In this case, we will calculate the trade discount on goods sold to Jitendra.
Calculation of Trade Discount
- Selling Price: 35,000
- Trade Discount Rate: 8%
To calculate the trade discount, use the following formula:
Trade Discount = Selling Price × Trade Discount Rate
Calculation Steps:
1. Identify the Selling Price:
- Selling Price = 35,000
2. Identify the Trade Discount Rate:
- Trade Discount Rate = 8% = 0.08
3. Perform the Calculation:
- Trade Discount = 35,000 × 0.08
Result of the Calculation:
- Trade Discount = 2,800
Conclusion
In conclusion, the trade discount given to Jitendra on goods sold worth 35,000 at an 8% rate is 2,800. This discount helps in reducing the effective cost for the buyer, making it an attractive offer for bulk purchases or loyal customers. Understanding trade discounts is essential for both buyers and sellers to negotiate better deals and manage finances effectively.
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Read the source given below and answer the questions that follows:The exchange of goods among people, states and countries is referred to as trade. The market is the place where such exchanges take place. Trade between two countries is called international trade. It may take place through sea, air or land routes. While local trade is carried in cities, towns and villages, state level trade is carried between two or more states. Advancement of international trade of a country is an index to its economic prosperity. It is, therefore, considered the economic barometer for a country. As the resources are space bound, no country can survive without international trade. Export and import are the components of trade. The balance of trade of a country is the difference between its export and import. When the value of exports exceeds the value of imports, it is called a favourable balance of trade. On the contrary, if the value of imports exceeds the value of exports, it is termed as an unfavourable balance of trade. India has trade relations with all the major trading blocks and all geographical regions of the world. Among the world, the commodities exported from India to other countries include gems and jewellery, chemicals and related products, agriculture and allied products, etc. The commodities imported to India include petroleum crude and products, gems and jewellery, chemicals and related products, base metals, electronic items, machinery, agriculture and allied products. India has emerged as a software giant at the international level and it is earning large foreign exchange through the export of information technology.Answer the following MCQs by choosing the most appropriate option.Q. Export and import are the components of

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