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Byju's Answer
Standard VIII
Mathematics
Solving an Equation with Variables on One Side
A shopkeeper ...
Question

A shopkeeper sells goods worth ₹x at y% discount. Find the value at which the goods are being sold. Determine this value, if the good is worth ₹100 beings sold at 20% discount.

A
₹60
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B
₹70
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C
₹80
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D
₹90
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Solution

The correct option is C ₹80
Let the price of the good be ₹x and the discount is y%.Amount off = y100×x = xy100Price being sold at = x − xy100For x = 100 and y = 20,Price = 100 − 100×20100 = 100 − 20 = ₹80

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Q.

In a particular year , shopkeeper purchased goods worth ₹ 4,00,000 and paid a total tax of ₹ 40000. During the same year, he sold all the goods purchased as below :
(i) goods worth ₹ 25,000 at 5% tax,
(ii) goods worth ₹ 3,60,000 at 12% tax and
(iii) goods worth ₹ 15000 which are exempted from tax.
Calculate the tax liability (under VAT) for the year under consideration.


Q. During a financial year, a shopkeeper purchased goods worth Rs. 4,15,000 and paid a total tax of Rs. 38,000. His sales during this period consisted of a taxable turnover of Rs. 50,000 for goods taxable at 5% and Rs. 3,20,000 for goods taxable at 12%. He also sold tax exempted goods worth Rs. 45,000 during this period. Calculate his tax liability (under VAT) for the financial year.
Q. Journalise the following transactions in the books of M/s. R.K. & Co.:
(i) Purchased goods of list price of ₹ 20,000 from Vishal at 20% trade discount against cheque payment.
(ii) Purchased goods of list price of ₹ 20,000 from Naman at 15% trade discount against cash.
(iii) Purchased goods of list price of ₹ 30,000 from Amrit at 20% trade discount.
(iv) Purchased goods of list price of ₹ 40,000 for ₹ 35,000 for cash.
(v) Goods returned of list price ₹ 10,000 purchased from Amrit.
(vi) Sold goods to Parul of list price of ₹ 40,000 at 10% trade discount against cheque payment.
(vii) Sold goods to Aman of list price of ₹ 30,000 at 10% trade discount against cash.
(viii) Sold goods to Pawan of list price of ₹ 20,000 at 10% trade discount.
(ix) Sold goods to Yamini of list price of ₹ 25,000 for ₹ 23,000.
(x) Sold goods costing ₹ 10,000 at cost plus 20% less 10% trade discount to Bhupesh.
(xi) Sold goods purchased at list price of ₹ 50,000 less 15% trade discount sold at a profit of 25% less 10% trade discount against cheque.
(xii) Aman returned goods of list price of ₹ 10,000 sold to him at 10% trade discount.
Q. Goods worth Rs. 10,000 are sold for Rs. 14,000. The value of capital will by .
Q.

Pass entries for the following:

(a) Out of Insurance premium paid this year. t 1,500 related to next year.

(b) Goods costing 20,000 sold to Manoj at a profit of 20 % on cost less 10% trade discount.

(c) Goods worth 2,500 and cash 500 were given away as charity.

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