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Question
The buyer is legally allowed ______ days grace period
Solution
3
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A _______ is an agent who brings together the buyer and the seller.
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An agent who gives guarantee to his principal that the party will pay the sale price of goods is called ______
State whether the following statement is True or False:
The trade discount is first calculated on the catalogue (list) price
An agent sold a car and charged 3% commission on sale value. If the owner of the car received ₹ 48,500, find the sale value of the car. If the agent charged 2% from the buyer, find his total remuneration
Three cars were sold through an agent for ₹ 2,40,000, ₹ 2,22,000 and ₹ 2,25,000 respectively. The rates of commission were 17.5% on the first, 12.5% on the second. If the agent overall received 14% commission on the total sales, find the rate of commission paid on the third car.
Solution: Total selling Price of three cars = 2,40,000 + 2,22,000 + 2,25,000
= `square`
Commision on total sale = 14%
= `14/100 xx square`
Selling price of First car = ₹ 2,40,000
Rate of commission = 17.5%
= `17.5/100 xx 2,40,000 = square`
∴ Commission on first car = ₹ `square`
Selling price of Second car = ₹ 2,22,000
Rate of commission = 12.5%
= `12.5/100 xx 2,22,000 = square`
∴ Commission on second car = ₹ `square`
Selling price of third car = ₹ 2,25,000
Let the rate of commission be x
Commission on third car = `x/100 xx 2,25,000`
∴ Commission on third car = Total commission − (commission on first car + commission on second car)
∴ `x/100 xx 2,25,000 = square - {square + square}`
∴ x = `square`
An agent places insurance for ₹ 4,00,000 on life of a person. The premium is to be paid annually at the rate of ₹ 35 per thousand per annum. Find the agent’s commission at 15% on the premium.
An agent was paid ₹ 88,000 as a commission on the sales of computers at the rate of 12.5%. If the price of each computer was ₹ 32,000, how many computers did he sell?
Mr. Pavan is paid a fixed weekly salary plus commission based on percentage of sales made by him. If on the sale of ₹68,000 and ₹73,000 in two successive weeks, he received in all ₹9880 and ₹10, 180. Complete the following activity to find his weekly salary and the rate of commission paid to him.
Solution: Income of Mr. Pavan = Weekly salary + Commission on sales
Salary + Commission on ₹68,000 = ₹9880 ... (1)
Salary+ Commission on ₹73,000 = ₹10,180 ... (2)
Subtracting (1) from (2), we get
Commission on ₹5000 = ₹ `square`
∴ the rate of commission = `square/5000 xx 100` = 6%
Commission on ₹68,000 at 6% = ₹`68000 xx6/100 = square`
From (1) and (3), we get Salary = ₹(9880 - 4080) = `square`
Hence, fixed weekly salary is ₹5800 and the rate of commission is 6%.
