A shopkeeper purchased an electric iron of Rs 1000 at 8% VAT from the – InterviewSolution

1.

A shopkeeper purchased an electric iron of Rs 1000 at 8% VAT from the whole saler and sell it to customer of Rs 1400 at 8% VAT.

Answer»

Given S.P = Rs 1400, C.P = Rs 1000, 8% = Vat rate, Vat = ?

Vat = \(\frac{Rate}{100}\)(SP-CP)

Vat = \(\frac{8}{100}\)(1400 – 1000)

= \(\frac{8\times400}{100}\) = 32

∴ Vat paid = Rs 32.

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