In everyday life, people buy many kinds of goods from the market where the shopkeeper buys either from the wholesalers or directly from the manufacturers. In order to earn money, shopkeepers sell the goods at a higher price from which they bought. The price at which the shopkeeper buys the good is called Cost Price and the price at which the shopkeeper sell the goods is called Selling Price.
When selling price is more than the cost price, the shopkeeper earns a Profit and when the selling price is less than the cost price, the shopkeeper suffers a Loss. Sometimes shops offer Discount on goods which is deducted from the selling price of the item.
The government charges sales tax on the selling price of an item, which is included in the bill. This added tax is known as Value Added Tax or VAT which is a Multi-Stage Tax with the following stages: Manufacturer > Distributor > Wholesaler > Retailer > Consumer.
Here, the students are provided with RD Sharma solutions for class 8 maths of this chapter to help them clear all their respective doubts and understand the concepts thoroughly. The detailed exercise wise solutions are given in the following table.
Chapter 13 Profits, Loss, Discount and Value Added Tax (VAT) | |
Profits, Loss, Discount, and Value Added Tax (VAT) Exercise 13.1 | Profits, Loss, Discount, and Value Added Tax (VAT) Exercise 13.2 |
Profits, Loss, Discount, and Value Added Tax (VAT) Exercise 13.3 |