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a) A shopkeeper purchases an article for Rs 7,000 and sells it to a customer for Rs 8,200. If the VAT rate is 6%, find the VAT paid by the shopkeeper. b)A shopkeeper purchased an item of Rs 100 at 8% VAT and sells it at Rs 120 to the customer and customer also pays 8% VAT to the shopkeeper. How much amount did the shopkeeper deposit to the Government as VAT? [6 MARKS] |
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Answer» a) A shopkeeper purchases an article for Rs 7,000 and sells it to a customer for Rs 8,200. If the VAT rate is 6%, find the VAT paid by the shopkeeper. b)A shopkeeper purchased an item of Rs 100 at 8% VAT and sells it at Rs 120 to the customer and customer also pays 8% VAT to the shopkeeper. How much amount did the shopkeeper deposit to the Government as VAT? [6 MARKS] |
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