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Question
A manufacturer sells a microwave with a marked price of Rs 11,000 to the distributor for Rs 7,500. The distributor sells it to the retailer at a profit of Rs 1,500. The retailer sells to the customer at the marked price. If tax is charged at 8%, find the VAT paid by the retailer and the price paid by the customer.
Solution
Marked price of the microwave =Rs 11,000
C.P. for distributor= Rs 7,500
For retailer:
C.P. for retailer= Rs (7,500 + 1,500) =Rs 9,000
Tax paid on C.P. = 8 % of C.P.
= `8/100 xx "Rs" 9000`
= Rs 720
S.P. for retailer= marked price =Rs 11,000
Tax reoovered on S.P. = 8 % of S.P.
= `8/100 xx "Rs" 11000`
= Rs 880
VAT paid by retailer = tax recovered on sale - tax paid on purchase
=Rs (880 - 720)
Hence, VAT paid = Rs 160
Price paid by customer= Rs 11,000
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