The list price of an article is 6,000. A shopkeeper sells the article to a consumer at the list price and charges sales tax at 8%.

Question

The list price of an article is 6,000. A shopkeeper sells the article to a consumer at the list price and charges sales tax at 8%. If the shopkeeper pays a VAT of 2 64 to the state government, at what price, inclusive of sales tas, did the shopkeeper buy the article from the wholesaler ?

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Arianna 2 months 2021-07-27T21:47:40+00:00 2 Answers 0 views 0

Answers ( )

    0
    2021-07-27T21:49:23+00:00

    Answer:

    A drug is any substance (with the exception of food and water) which, when taken into the body, alters the body’s function either physically and/or psychologically. Drugs may be legal (e.g. alcohol, caffeine and tobacco) or illegal (e.g. cannabis, ecstasy, cocaine and heroin).

    0
    2021-07-27T21:49:30+00:00

    Answer:

    Shopkeeper sell the article at list price=Rs.3000

    Rate of sales tax=12%

    VAT paid by the shopkeeper=Rs.72

    Tax earned by the shopkeeper=12% of 3000=

    100

    12

    ×3000=Rs.360

    VAT=tax earned by the shopkeeper-Tax paid by the shopkeeper

    ∴Tax paid by the shopkeeper=Tax earned by the shopkeeper-VAT

    ⇒360−72=Rs.288

    Let the shopkeeper by the article at Rs.x

    ∴12% of x=288

    100

    12x

    =288

    ⇒x=

    12

    288×100

    =Rs.2400

    Price of the article inclusive tax=2400+288=Rs.268

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