Profit and loss , Sales tax

Profit and loss , Sales tax

Profit = selling price - cost price
Loss = cost price - selling price

Selling Price = Marked price - Discount (Rs)
 $\ PROFIT\ \%=\frac{PROFIT}{COST\ PRICE}\times100\%$  
 $Loss\ \%=\ \frac{LOSS}{COST\ PRICE}\ \times100\ \%$  

sales tax/value added tax ( VAT)

UPDATED version- CGST/SGST

• Sales tax/ value added tax is charged by the state government on the sale of an item. It is collected by the shopkeeper from the customer and given to the Government.

• It is calculated on the selling price of an item and is added to the value of the bill.

• sales tax is known as value added tax (VAT).

^{Note : In case of any discount , first deduct the discount from the marked price and then calculate sales tax (VAT)}

• The cost price of a pair of shoes= Rs.670, sales tax is 6% . Find the bill amount.

• calculate 6% of 670= ???

• Add the value in Rs 670.

• Bill amount=

Multiple Select

MRP of a mobile phone is Rs.50000. The shopkeeper offers a discount of 5%. If The VAT is 8%, find the amount the customer has to pay to shopkeeper.

• Rs.51300

• 47500+3800

Application based Questions

• A DVD player is marked for Rs. 5000. the shopkeeper offers 10% discount on it. If VAT is received 8%. Find the amount paid by the customer.

• Calculate selling price= M.P - d% of M.P.

• add 8% VAT on Selling price, that will be Bill Amount.