A shopkeeper purchases an article for Rs. 12,400 and sells it to a customer for Rs. 17,000. If the tax under VAT is 8%, find the VAT paid by the shopkeeper.

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Solution

C.P. of article = Rs. 12,400
Rate of VAT = 8%
Total VAT = Rs. 12,400 $\times \frac{8}{100} R s . 992$
S.P. of the article = Rs. 17000
VAT charge 8% = Rs. 17000 $\times \frac{8}{100}$ Rs. 1360
$∴$ Amount of VAT paid by the shopkeeper
= Rs. 1360- Rs.992 = Rs. 368

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A shopkeeper purchases an article for Rs. 12,400 and sells it to a customer for Rs. 17,000. If the tax under VAT is 8%, find the VAT paid by the shopkeeper.

C.P. of article = Rs. 12,400 Rate of VAT = 8% Total VAT = Rs. 12,400 ×8100Rs.992 S.P. of the article = Rs. 17000 VAT charge 8% = Rs. 17000 ×8100 Rs. 1360 ∴ Amount of VAT paid by the shopkeeper = Rs. 1360- Rs.992 = Rs. 368

C.P. of article = Rs. 12,400
Rate of VAT = 8%
Total VAT = Rs. 12,400 $\times \frac{8}{100} R s . 992$
S.P. of the article = Rs. 17000
VAT charge 8% = Rs. 17000 $\times \frac{8}{100}$ Rs. 1360
$∴$ Amount of VAT paid by the shopkeeper
= Rs. 1360- Rs.992 = Rs. 368